"All the neighbouring continents that Antarctica was connected to, South America, Africa, India and Australia have all large mineral resources and many of the relevant geological formations continue into Antarctica.
"Furthermore Antarctica - as a result of having separated from those continents - is surrounded by sedimentary basins that are likely to contain substantial oil resources."
Coal and iron ore have been found on the continent, and Dr Storey said a high proportion of ethane and heavier hydrocarbons have been found in drill holes in the Ross Sea region. It has also been estimated the continent holds 45 billion barrels of crude oil and 115 trillion cubic feet of natural gas.
The Madrid Protocol does not end in 2048, Professor Storey said, but can be reviewed if one of the Antarctic Treaty consultative states asked for a review, 50 years after it became law.
Dr Storey hoped the protocol could withstand the economic and political pressures to mine the continent.
"Anyone who has worked in Antarctica does not want it to happen. My hope is that we will eventually get the message about climate change and move away from a carbon-based economy and not be so dependent on oil and oil based products. Hopefully this will happen before the pressure to extract resources from Antarctica becomes a reality."
Dr Storey is to speak on the issue at Icefest in Christchurch on Saturday.