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Oil and gas discovered offshore Falkland Islands

02 Apr 2015

Oil and gas has been discovered off the Falkland Islands by a group of British exploration companies.

The discovery could pose questions over the disputed ownership with Argentina.

The London-listed oil explorers found an oil reservoir 25 metres thick and a gas deposit 17.5 thick in an offshore area north of the Falklands Islands, and marks a successful start to a new drilling campaign in the region.

The oil was found in the first of four wells due to be drilled over the next 8 months, and raises the chances of the companies discovering more oil and gas across the prospective sites to the South and East of the Falkland Islands.

The well was drilled on a license area that is part owned by Falkland Oil and Gas (40%), Premier Oil (36%) and Rockhopper Exploration (24%).