| Summary: | South Korea next year, will begin building a $120 million base at Terra Nova Bay for completion in 2014 - there have been claims that with the Ross Sea suspected of being one of the world's largest untapped oil reserves, (Field, M; 2011) they are setting themselves up for territorial claim when The Madrid Protocol is open for discussion in 2048 (Fogarty, E cited in Field, M; 2011). According to Elliot, D (cited in Ward, J; 1997- 1998) Antarctica's predicted oil reserves have been estimated to be up to 50 billion barrels in the Weddell and Ross Seas (Carroll, J cited in Ward, J; 1997-1998) with Elliot, D (Cited in Ward, J; 19971998) placing the overall Continents reserves at under 203 billion barrels. This review will examine literature surrounding the mining of oil in Antarctica, specifically the effectiveness of The Protocol on Environmental Protection to the Antarctic Treaty (The Madrid Protocol, 1991) when sovereignty and resource issues will be revisited in 2048. The Antarctic Treaty will be outlined, as well as the history of mining for oil in Antarctica, detailing the failed Convention on the Regulation of Antarctic Mineral Resource Activities (CRAMRA). The reviewer will then explore literature outlining the proponents and opponents of mining for oil in Antarctica, and then examine the effectiveness of The Madrid Protocol with regards to mineral exploitation by looking at the pros and cons of The Protocol.
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