Under the headline of “Falkland Islands oil reserves 'to help British economy'” the Telegraph points out that four British oil companies are exploring to the north and south of the Islands and that the British financial sector is pouring “around £ 327 million into the offshore projects”.
The article written by Chris Irvine compares scientific estimates of up to 60 billion barrels of oil underneath Falklands’ coastal waters with the world’s largest oilfield, Ghawar in Saudi Arabia which is thought to contain 80 billion barrels and Forties the largest North Sea oilfield with five billion barrels.
The Telegraph quotes statements from David Hudd, chairman of Falkland Islands Holdings and vice-chairman of Falkland Oil and Gas, to The Sun who affirms that benefits of the oilfield “are potentially huge for the companies involved, the Falkland Islands and for Britain”.
It also refers to the sovereignty dispute over the Falklands with Argentina and that earlier this year British Prime Minister reaffirmed “he would not surrender the sovereignty of the Falklands” despite pledges from Argentina’s president Cristina Fernandez de Kirchner.
The four British companies named are Rockhopper Exploration, Desire Petroleum, Falkland Oil and Gas and Borders and Southern Petroleum.