In addition to the political and economic hurdles to drilling in Antarctica,
there's also the fact it's the most extreme and harsh environment on
Earth.
I was going to post some images showing how dramatically the sea
ice varies throughout the year. During its minimum (now) the waters
around the continent are nearly ice free. During the Winter months
the ice builds and extend hundreds to thousands of miles from the coast.
I imagine this would make coastal drilling very difficult. Antarctica is
not accessable by boat for half the year.
On the continent itself the ice cap reaches depths of kilometers, and the
ice itself flows at varying rates according to depth (ice stream). I
imagine this would make drilling very difficult, as one would have to
get through all this moving ice just to reach the crust.
It was discussed in this topic:
http://www.peakoil.com/fortopic5240.html
A post of mine from above thread:
$this->bbcode_second_pass_quote('', '
')Well, no one is saying it's impossible to drill for oil in Antarctica -- just very very difficult and costly. Like I said earlier, it would likely take a Ghawar league field to justify the effort.
First, the ice sheet is not static. It's quite fluid. The ice tends to drain/flow towards the sea, but the flow rate is not uniform. It tends to flow downhill (like water) and converge into ice streams, which can flow hundreds of feet per year.
The flow also various with depth. It's safe to assume all the ice is moving inches to feet per year. I imagine this would wreak havok with any drilling attempts, especially through hundreds to thousands of meters of ice.
Antarctica is surrounded by sea ice for over half the year. The continent just aint accessable by boat for 6-8 months at a time. When the ice is clear, there's the extremely harsh and windy environment around Antarctica. From about 45 - 60 degrees south there's no land to block or slow down the prevailing westerlies, which scream around the continent, especially during Winter. The wind and ice would make it nearly impossible to drill off the continental shelf.
Anyone drilling for oil on/in the continent would either have to work over half the year largely isolated (slowly watching the oil slush accumulate) or work for just the few months out of the year when the oil could be shipped off the continent.
Add in the political situation and I doubt we're going to be seeing any oil from Antarctica.