Does Antarctica have oil/gas deposits?

The loophole might be the oil and gas deposits in the Ross Sea, just off the coast of Antarctica. They are thought to be maybe comparable in size to the deposits in the Arab countries. read more

Yes, No, probably. We know that before the Carboniferous period Antarctica had a warmer climate and was positioned further north than it is today, and was part of the supercontinent Gondwanaland. read more

Reliable authorities have estimated that it would cost over US$100 per barrel to get oil from Antarctica. Current oil prices per barrel (April 2015) are around $58. There are over 30 years worth of reserves of oil left, possibly even up to 100 years worth, so there is no urgency to get Antarctica's oil. read more

If you include the South Shetland and Falkland Islands in the Antarctica area then yes there is quite a bit of oil that Shell and BP have leases over. It has the potential to make every Falkland Island resident quite wealthy if it is realised. read more