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Montevideo, August 20th 2018 - 04:58 UTC

Falklands set rules for oil and gas development, to the benefit of Islanders current and future generations

Saturday, July 27th 2013 - 05:00 UTC
Full article 235 comments
Falklands set rules for oil and gas development, to the benefit of Islanders current and future generations Falklands set rules for oil and gas development, to the benefit of Islanders current and future generations

Falkland Islands has set out the eight basic guidelines of its hydrocarbons development policy which are centred on robust regulation, supply chain support and long-term benefits for Islanders because the statement underlines its resources belong to the people of the Islands.

At its meeting of 24th July 2013, Executive Council agreed an overarching set of policy principles for hydrocarbons developments in the Islands. The policy statements capture the core principles that will govern the development of an oil and gas industry in the Islands and how the benefits of the industry will be managed.

“Hydrocarbons in Falklands’ waters belong to the people of the Falkland Islands and their exploitation must be to the benefit of the people of the Falkland Islands, both those of today and future generations”, points out the statement released by the Executive Council.
 

The document provides a strong message to the hydrocarbons industry as to what is expected of them, and provides a clear statement of intent to the local community with regards to how revenues will be managed. The eight policies are as follows:

1. Hydrocarbons in Falkland Islands waters belong to the people of the Falkland Islands and their exploitation must be to the benefit of the people of the Falkland Islands, both those of today and future generations.

2. The Falkland Islands Government will maintain constant supervision and control over all hydrocarbon activities within the Falkland Islands Designated Area.

3. Petroleum discoveries must be efficiently managed and exploited to maximise economic recovery and to ensure the development of a long-term industry presence that will benefit the Islands for decades to come.
 

4. Development of the hydrocarbons industry must ensure the protection and conservation of the Falkland Island’s environment and biodiversity.

5. Development of the hydrocarbons industry must take into consideration existing commercial activity and promote the development of local business capacity.
 

6. The exploitation of finite natural resources will be used to develop lasting benefits to society across the whole of the Falkland Islands.
 

7. Transparency and accountability must be present throughout the hydrocarbon development process from all parties involved.
 

8. The Falkland Islands will only consider onshore hydrocarbon facilities if they are considered to be in the best interests of the Falkland Islands, and can be proven to satisfy all of the above policy goals.
 

 

Top Comments

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  • Think

    TWIMC
    Excellent set of rules.....
    After some minor adjustments.....:

    1. Hydrocarbons in Malvinas Islands waters belong to the people of Argentina and Tierra del Fuego, Antártida e Islas del Atlántico Sur Province.... Their exploitation must be to the benefit of the people of Argentina and Tierra del Fuego, Antártida e Islas del Atlántico Sur Province, both those of today and future generations.

    2. The Argentinean and Tierra del Fuego, Antártida e Islas del Atlántico Sur Provincial Government will maintain constant supervision and control over all hydrocarbon activities within the Malvinas Islands Designated Area.

    3. Petroleum discoveries must be efficiently managed and exploited to maximise economic recovery and to ensure the development of a long-term industry presence that will benefit the Islands for decades to come.

    4. Development of the hydrocarbons industry must ensure the protection and conservation of the Malvinas Island’s environment and biodiversity.

    5. Development of the hydrocarbons industry must take into consideration existing commercial activity and promote the development of local business capacity.

    6. The exploitation of finite natural resources will be used to develop lasting benefits to society across the whole of the Falkland Islands.

    7. Transparency and accountability must be present throughout the hydrocarbon development process from all parties involved.

    8. The Malvinas Islands local government will only consider onshore hydrocarbon facilities if they are considered to be in the best interests of the Malvinas Islands sub-area, and can be proven to satisfy all of the above policy goals.

    Good job Kelpers and English “Superheads”.....

    Jul 27th, 2013 - 06:23 am 0
  • Faz

    There you go again Think revealing your location is Scotland not RGland. All we can say is that in spite of Gollum hissing that “he wants it , he must have it..” he hasn't got it and he ain't going to get it because them islanders have owned it long before RGland ever existed. And, the world knows it...

    Jul 27th, 2013 - 06:55 am 0
  • Redrow

    Think. Thought you said there was no oil.

    If you now accept that hydrocarbons will soon flow, then you better get your skates on and either reopen negotiations with the FI & UK governments over the sharing of resources, or, get yourself to the ICJ. Because once the oil is extracted and sold then it's too late. So you have an actual deadline now. By doing nothing but complain your (former) country simply humiliates itself further. Your post above is another example of this. It might have sounded clever in your head when you wrote it but to me it indicates delusion and impotence.

    Jul 27th, 2013 - 07:27 am 0
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