UK to look for oil In Falklands

Feb 25, 1998 01:00 AM

Jan. 8, 1998 The UK's oil exploration industry will take a significant step away from its traditional North Sea production base towards Latin America in April this year.
This is when the first exploration wells in the Falkland Islands, located in the South Atlantic Ocean off the coast of Argentina, are due to be drilled. Preliminary results from the wells are expected in July.
The move towards oil production in the Falkland Islands is seen by analysts as forming part of an overall boost in South American oil production during 1998.
Average oil production in the region is expected to rise by some 1 mm bpd from 10 mm bpd in 1997 to around 11 mm bpd in 1998.
The increase will come mainly from three countries: Venezuela, which plans an extra 300,000 bpd from the Orinoco basin, raising output there to 350,000 bpd, Mexico (a rise of 160,000 bpd to 3.6 mm bpd) and Brazil (up by 150,000 bpd to 1.3 mm bpd).
The European oil industry expects to benefit substantially from this rise in Latin American activity, particularly those companies with North Sea offshore drilling experience.

Source: not available
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