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”.
Britain's Premier Oil announced on Thursday a 1 billion dollars deal to farm in and develop Rockhopper Exploration oil and gas discoveries in the Falkland Islands.
Argentina has asked British and US market regulators to probe whether oil companies that are involved in hydrocarbons exploration off the disputed Falklands/Malvinas Islands have told investors about the risks of their illicit drilling, the Argentine Foreign Ministry reported.
The Falkland Islands Director of Minerals Stephen Luxton said that estimates published last week in the UK, of revenue of 180 billion dollars for the Falklands Government from oil production are only a “best case” scenario since in spite of great potential, the only true test is the drill bit.
The Falkland Islands has nominated an Islander as new Director of Mineral Resources who will be taking over from Phyl Rendell when she retires as the end of the year, announced the government of the Islands.