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In-Briefs

United Kingdom/Argentina: New Falkland Islands Offshore Oil Discoveries Will Anger Buenos Aires

December 14, 2011
| Energy
| The Americas

British oil and gas exploration company Rockhopper Exploration PLC has discovered more oil and gas than expected off the coast of the Falkland Islands . . . Rockhopper owns 100 percent of its four exploration licenses . . . it is estimated that one well could produce as much as 430 million barrels of crude oil . . . Argentina’s Prime Minister Cristina Kirchner attacked British drilling off the Falkland Islands last year, claiming that the U.K. was seeking to exhaust "Argentinian natural resources," while her ruling Peronist and left-leaning Justicialist Party announced this month that Argentina’s athletes at the 2012 Olympics should wear a logo that says "the Falklands are Argentine" . . . next year is the 30th anniversary of the Falklands War, which left the Falkland Islands a self-governing British territory . . . the oil discovery will likely exacerbate tensions between the U.K. and Argentina . . . Buenos Aires remains determined to eventually gain control over the Falkland Islands.

 
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