section_path: Geography/Natural resources
section_name: Natural resources
paragraph_text: Natural resources
  
  The Southern Ocean probably contains large, and possibly giant, oil and gas fields on the continental margin. Placer deposits, accumulation of valuable minerals such as gold, formed by gravity separation during sedimentary processes are also expected to exist in the Southern Ocean.
  
  Manganese nodules are expected to exist in the Southern Ocean. Manganese nodules are rock concretions on the sea bottom formed of concentric layers of iron and manganese hydroxides around a core. The core may be microscopically small and is sometimes completely transformed into manganese minerals by crystallization. Interest in the potential exploitation of polymetallic nodules generated a great deal of activity among prospective mining consortia in the 1960s and 1970s.
  
  The icebergs that form each year around in the Southern Ocean hold enough fresh water to meet the needs of every person on Earth for several months. For several decades there have been proposals, none yet to be feasible or successful, to tow Southern Ocean icebergs to more arid northern regions (such as Australia) where they can be harvested.