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Researchers in Colombia have begun exploration of a shipwreck filled with massive amounts of treasure.

The San José ship was sunk in 1708 by Britain's Royal Navy near the city of Cartagena in South America.

The ship, carrying one of the largest hauls of valuables ever lost at sea, is thought to be worth around £16 billion in today's money!

Gold, silver and emeralds are believed to have been on the ship – but there has been debate over who will claim the treasure.

This first stage of the expedition will focus on photographing the wreck.

Researchers will then create a record of the archaeological discoveries on the seabed.

This will be used to plan the rest of the exploration, including recovering sunken materials.

What was the San José?

The San José was an old Spanish galleon, which is a type of large boat with huge sails and lots of different decks.

Galleons were used for sea battles during the 16th and 18th Century, or for carrying items to trade with other countries.

The San José was carrying gold, silver, gems and jewellery to Spain's king to help pay for his war with the British, but it was sunk soon after leaving South America.

Who owns the treasure?

The question you're probably desperate to know is who actually owns the treasure?

The Colombian government claim they first discovered the shipwreck in 2015.

They are now leading the exploration of the wreckage.

Culture Minister Juan David Correa said the Colombian government's expedition was "unprecedented" - meaning it had never been done before.

But a US company called Sea Search-Armada say they first found the shipwreck in 1981, years before the Colombian government did.

Sea Search-Armada are now challenging the Colombian government in court for $10 billion (£7.87 billion) - half the estimated value of the treasure on the ship.

But the Colombian government disagree with Sea Search-Armada's claim.