HYDROCARBONS

In 1995 the Falkland Islands Government issued the first licences to companies wishing to explore for hydrocarbons in waters around the islands. Various oil companies carried out explorations between 2010 and 2012 resulting in the discovery of the first commercial oil in May 2010 (the Sea Lion field north of the islands). More exploration began in March 2015 and prospects appeared positive. Premier Oil and Rockhopper were looking to go into production with Navitas but the international oil price dropped and Premier Oil has had to shelve the ($1.8bn) project until oil prices recover. Uncertainty in the oil price market makes developing a hydrocarbons industry more risky in remote locations but it is hoped it will happen in the future.

Sources include: Falkland Islands Association, fig.govt.fk Photographic credits: Header, David Pole-Evans Photographs and Images Copyright: The images on this site have been bought under licence or have been used with the permission of their owners. They may not be copied or downloaded in any form without their owner's consent.