Borders & Southern Petroleum, a company with oil and gas exploration assets offshore the Falkland Islands, announced at the end of the year board changes. The London based independent oil & gas exploration company announced the retirement of Nigel Hurst-Brown from the Board of Directors. His departure will take effect on January 1, 2021.
Argentina awarded permits to begin hydrocarbon exploration in 18 areas off the coast of the Buenos Aires province, the Austral basin and the Malvinas West basin, which neighbors with the Falkland Islands, the insular territory claimed by Argentina.
Falkland Islands' Her Honour the Acting Governor delivered on Tuesday his State of the Nation speech to the elected Legislative Assembly underlining progress and expansion achieved in the economy and community development, the UK resolute in defending the rights and wishes of the Falkland Islanders to develop their own natural resources, and despite Argentine disruption and blockade efforts, first oil is expected to be produced in 2019.
Its acceptance is voluntary at this stage. It provides for formation of Local Content Board, among other steps towards maximising local benefits and opportunities.
Four senior oil industry business and training executives are in the Falkland Islands promoting Trinidad and Tobago’s oil industry training services. Preparing staff for the oil industry is crucial if benefits are to be injected to the local economy in the form of jobs and knowhow.
The Falkland Islands has an oil legislation regime that is robust and encourages investment, believes Financial Secretary Nicola Granger. Details of a law firm’s report to the Falkland Islands Government (FIG) on tax legislation in relation to the oil and gas industry, and recommendations to Government by Ms Granger, were released to the public this week in a paper that outlines the report from Freshfields Bruckhaus Deringer LLP.
With the Falkland Islands' upstream oil and gas industry still in its infancy, the country's attractive fiscal regime, which boasts a low government take, is expected to remain stable through the short and medium term, says a new report from research and consulting firm GlobalData.
Falkland Islanders have been praised for their international campaign of diplomacy explaining their democratic credentials to the world and proclaiming their overwhelming referendum vote for self-determination and retaining their links with the United Kingdom.
The Falkland Islands government said on Friday that Argentina's latest illegal attempt to undermine the Islands economy is in direct contradiction with its alleged claim that it wants to establish a dialogue and is yet another effort to disrupt the lives of 3.000 people who want to live in peace and with good neighborly relations.
A public debate on the future of the Falkland Islands in the face of income from oil exploitation is required rapidly, according to a Member of the elected Legislative Assembly.