Australia gets richer with little effort. The United Nations has granted an expansion of Australia's territorials waters. This has resulted in Australia gaining large swathes of undersea areas containing rich gas and oil deposits.
The region gained is five times the area of France. There is a problem. The minerals are in very deep waters. But with the price of oil rising, it won't be long before it will be economical to mine the region. Oil obtained in deep waters from the Gulf of Mexico is being sold on the world market.
The area of greatest potential is off the north west coast where extraction of gas is already taking place. Development in the Great Australian Bight and off Tasmania will not take place soon. However, the future in the long term looks secure for Australia.
The region gained is five times the area of France. There is a problem. The minerals are in very deep waters. But with the price of oil rising, it won't be long before it will be economical to mine the region. Oil obtained in deep waters from the Gulf of Mexico is being sold on the world market.
The area of greatest potential is off the north west coast where extraction of gas is already taking place. Development in the Great Australian Bight and off Tasmania will not take place soon. However, the future in the long term looks secure for Australia.
