While territorial claims are and will likely be heated, what struck me is that the area is right near the Drake Passage, in the Weddell Sea (which is fundamental to the world’s ocean currents AFAIU).
I don’t know how oil drilling in the antarctic could affect the passage, but still, I’m not sure I would trust human oil hunger with a 10ft pole on that one.
Also interestingly, the discovery was made by Russia, which is a somewhat ominous clue about where the current “multi-polar” world and climate change are heading. Antarctica, being an actual continent that thrived with life up until only about 10-30 M yrs ago, is almost certainly full of resources.
I’m pinning my hopes on crude oil prices being much lower after the 10-20 years it would take to sort out the territorial disputes and complete construction of rigs that could pump oil in large volume. Oil will still be very valuable in 10-20 years, but i would guess it’ll be much less valuable then, and hopefully the price will be low enough to make it not worth the massive outlay cost