Falkland Oil and Gas, FOGL, announced on Tuesday that last 25 September it spudded the Scotia exploration well to the East of the Falkland Islands. The well FI 31/12-01 is located 315 km east-northeast of the Islands capital Stanley, and 114 km from the Loligo prospect.
Falkland Oil and Gas has provided an update on drilling operations at its Loligo prospect, following market speculation which has seen the value of the companies shares fall by almost 30% at one point on Monday.
The Falkland Islands Government has welcomed the news of a farm-in agreement between Falkland Oil and Gas Ltd and US based Noble Energy which was announced on Monday and confirms the Falklands as an “excellent investment destination”.
The Chief Executive of Falkland Oil and Gas Ltd, FOGL, has said that its farm out agreement with Texas based US firm Noble Energy is not “politically motivated”, according to a report by the Daily Telegraph.
President Cristina Fernandez government expressed its deep disappointment directly to the State Department following the announcement that the Texan oil company Noble Energy would become involved in hydrocarbons activities in the Falkland Islands.
London AIM listed Falkland Oil & Gas (FOGL) said Italian utility Edison International Spa was its new partner, bringing in a large, non-British company to help it look for hydrocarbons in the Falkland Islands.
The political noise stirred up by Argentina over the Falkland Islands will not deter big energy firms from investing in the region if there is enough oil found to make it worthwhile, said the chief executive of exploration company Falkland Oil & Gas.
After having to abandon its oil and gas assets quest in Vietnam off the South China Sea India has asked ONGC Videsh Limited (OVL) not to go ahead with its acquisition of hydrocarbon assets located in deep water in Falkland Islands
The exploration company Falkland Oil and Gas Ltd. (FOGL) has entered a farmout agreement with an unnamed party for its licenses south and east of the Falkland Islands.
A leading UK market and investment analyst, Edison Investment Research looks at the prospects of the Falkland Islands oil industry and suggests the industry could be worth 180 billion dollars in royalties and taxes.