Biggest-ever hunt for oil in Falklands is getting under way

Dec 30, 2004 01:00 AM

The biggest-ever hunt for oil in the Falkland Islands is getting under way, as a London-listed start-up launches a bid to transform the British territory into a hotbed for energy giants.
Aim-listed Falkland Oil and Gas Limited (FOGL) is spending the next three months seismic surveying and exploring eight “leads” in a whopping 10,000-sq km zone in the South Atlantic. If oil prices remain high, the company believes it could become a key production area.

Any success would transform the Falklands Islands' economy, currently based on sheep, squid and the only commercial herd of reindeer unaffected by the Chernobyl disaster.
FOGL has rights to an exploration zone covering 88,000 sq km south of the islands, equivalent to 280 blocks in the North Sea.

Source: MercoPress
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