MercoPress. South Atlantic News Agency

Falklands Oil “Open Door Licencing”.

The Falkland Islands Government issued seven offshore Production Licences to five consortia in October 1996.

The licensed tranches are situated in the Falkland Islands Designated Area to the North of the Islands in the North Falkland Basin where water depths range from 150 to 500 meters and the distance from the shore is between 100 and 250 kilometers.

The operators of the seven licensed areas committed to an exploration expenditure of over US$ 150 million during the first five year phase of the Licences. This phase ends in November 2001.

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