water 30
. Deep water oil drilling is not new, but market pressures are making the exploration
for and tapping of evermore remote reserves cost effective, bringing the most isolated areas
under consideration. Methane hydrates, a potentially enormous source of hydrocarbons,
are now also being explored and tapped from the seabed.
Oil will remain the dominant energy source for many decades to come but the Ocean offers
enormous potential for the generation of renewable energy – wind, wave, tidal, biomass,
thermal conversion and salinity gradients. Of these the offshore wind energy industry is the
most developed of the ocean based energy sources. Global installed capacity was only a
little over 6 GW in 2012 but this is set to quadruple by 2014 and relatively conservative
estimates suggest this could grow to 175 GW by 203531
.
f). Biotechnology
The global market for marine biotechnology products and processes is currently estimated
at US $ 2.8 billion and projected to grow to around US$ 4.6 billion by 2017. Marine biotech
has the potential to address a suite of global challenges such as sustainable food supplies,
human health, energy security and environmental remediation32
.
Marine bacteria are a rich source of potential drugs. In 2011 there were over 36 marine
derived drugs in clinical development, including 15 for the treatment of cancer. One area
where marine biotech may make a critical contribution is the development of new
antibiotics33
. The potential scope is enormous, by 2006 more than 14,000 novel chemicals
had been identified by marine bioprospecting and 300 patents registered on marine natural
products34
.
On the energy front algal biofuels offer promising prospects. The European science
Foundation postulates a production volume of 20-80 thousand litres of oil per hectare per
year can be achieved from microalgal culture, with even the lower part of this range being
considerably higher than terrestrial biofuel crops35
.
g). Submarine mining
The world is gearing up for the exploration and exploitation of mineral deposits on and
beneath the sea floor. Industry, due to rising commodity prices, is turning its attention to
the potential riches of polymetallic nodules, cobalt crusts and massive sulphide deposits;
the latter a source of rare earth elements, such as yttrium, dysprosium and terbium,
important in new ICT hardware and renewable energy technologies. Commercial interest is
particularly strong in polymetallic nodules and in seafloor massive sulphides.
The International Seabed Authority has developed the Mining Code regulations36 to meet
these changing circumstances and has commenced issuing licenses for the exploration of
the international sea floor. Coastal countries need to prepare themselves to ensure they