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Tuesday, April 22, 2008

Australia Expands


Australia has expanded by 2.5 million hectares, giving it access to valuable oil and gas potential.

The extension to Australia's territorial jurisdiction stems from the findings of a United Nations commission on the limits of the continental shelf and the ratification of the 1982 Convention on the Law of the Sea.

The decision gives Australia the rights to whatever exists on the seabed in the area, including oil and gas, and biological resources such as micro-organisms that could potentially be used to develop medicines.
That is a lot of valuable oceanic real estate, especially if oil remains as high as it is at present.

3 comments:

Semaj Mahgih said...

Antarctica's the limit.

Colin Campbell said...

Australia has committed to not exploit that section of the sea bed. Leave that to the Polar Bears, the seals and the whales.

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