Back
Falkland Islands set to benefit from huge oil discovery
Nov 26, 2024
The discovery of a giant oil field in the Falkland Islands has grown even more promising with islanders eager to cash in on the value of their natural resources in spite of the British government's war on fossil fuels.
The Sea Lion oil field, first discovered in 2010 in the North Falkland Basin roughly 135 miles (220 kilometres) offshore, was hailed at the time as potentially the biggest discovery of its kind since North Sea Oil.
But an updated report conducted in October by a top energy analysis firm estimated that some 917 million barrels of oil could be recovered from Sea Lion - roughly twice the annual output of the entire North Sea.
Rockhopper Exploration, the company leading the development, now plans to extract 532 million barrels - a substantial increase from its earlier estimate of 312 million that could lead to a potentially enormous economic boon for the British Overseas Territory.
The Falklands Islands Government (FIG) greenlit the exploitation of Sea Lion earlier this year after a consultation with the population of around 3,500 was reportedly met with widespread support.
A final decision on proceeding with drilling is expected next year with the first exploration of the field expected as early as 2027.
But the plans represent a significant thorn in the side of Sir Keir Starmer's Labour government which banned the issuing of new drilling licenses to oil and gas firms eager to exploit the North Sea days after taking office in July.
5Shares
0Comments
15Favorites
8Likes
No content at this moment.