Filed under: maps | Tags: Argentina, BHP Billiton, Borders and Southern Petroleum, cute wars, Falkland Islands, Malvinas, North Sea, oil production, Rockhopper, Sea Lion, UK oil production
From oilvoice.com: http://www.oilvoice.com/n/Falkland_Islands_The_New_North_Sea/614e4d43b.aspx
The prospect of the Falkland Islands developing into a major oil producing region has captured the imagination of geologists and investors alike for decades. For many, the area has significant potential as a new ‘North Sea’, bringing opportunities for oil and services companies for years to come. The exploration area surrounding the Falklands to which the UK has a territorial claim is some fifty percent larger than the UK’s portion of the North Sea. In fact, despite being thousands of miles apart there are many similarities between the two. Environmental conditions and water depth are comparable to those west of the Shetland Islands, whilst in terms of geology the basins of the Falkland Islands possess structures similar to those found in the North Sea. The exploration area itself is separated into the geologically distinct North Basin, where the Sea Lion discovery was made, and the South Basin where fellow explorers Falkland Oil & Gas and Borders and Southern Petroleum intend to embark on their own campaign from the end of 2011 having secured an additional rig.
Despite the recent success, there are still those who doubt the Falkland Islands will ever see large scale oil production.