MercoPress. South Atlantic News Agency

Oil industry restates interest in Falklands' potential

Phyl Rendell, Falkland Islands Director of Minerals and Agriculture

Phyl Rendell, Falkland Islands Director of Minerals and Agriculture attended the International AAPG (American Association of Petroleum Geologists) in Cape Town, South Africa.

Cape Town is a key destination for petroleum geologists that have an interest in oil potential in the South Atlantic, said Mrs Rendell, adding that both BHP Billiton and Arcadia Petroleum Limited have licences in offshore southern Africa, as well as in the Falklands and there is potential to link exploration activities. Meetings were held with Rockhopper Exploration and Borders & Southern Petroleum during the event and the stand attracted attention from a number of other oil company representatives interested in the area. Mrs Rendell said that with the current drop in the oil price and a perceived downturn in economies globally, there was an opportunity to learn from the industry about the impact these factors may have on future activities. "Although there is much uncertainty about global demand for oil, it was made clear at the Convention that the Falklands remain a place of interest and potential investment for oil companies and some industry representatives commented that rigs may become less costly and more readily available as a result." Penguin News