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The Falklands have just become the most valuable piece of real estate on earth

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Published Time: 13.05.2024 - 15:40:20 Modified Time: 13.05.2024 - 15:40:20

Russia’s discovery of vast oil reserves in the British Antarctic Territory has fired the starting gun on a mad scramble for resources According to evidence given to the Commons Environment Audit Committee (EAC) last week, Russia has discovered an oil field in Antarctica roughly ten times the size of the North Sea’s entire 50 year output

Russia’s discovery of vast oil reserves in the British Antarctic Territory has fired the starting gun on a mad scramble for resources


According to evidence given to the Commons Environment Audit Committee (EAC) last week, Russia has discovered an oil field in Antarctica roughly ten times the size of the North Sea’s entire 50 year output. Much of the field is believed to be in the Weddell sea, just to the east of the Antarctic peninsula and very much in the middle of the UK’s “cheese slice” down there – the British Antarctic Territory.

In Antarctica, boundaries are just “claims” rather than solidly “owned”, but it is of note that Britain’s claims in the region overlap with those of Chile and Argentina. It’s a perfect chance for Vladimir Putin to start causing trouble – and it may have made the Falklands islands the most valuable real estate on earth.

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