Subscribe to our news feedFalklands oil reserve to help economy and oil and gas recruitment
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Published on Saturday 12th December 2009
The North Falkland Basin is believed to have up to 60 billion barrels of oil underneath its water that could not only help the economy but boost oil and gas recruitment, according to scientists. Four British companies, including Falkland Oil and Gas and Rockhopper Exploration, have licenses to explore the areas to the north and south of the islands. "The benefits are potentially huge for the companies involved, the Falkland Islands and for Britain," David Hudd, chairman of Falkland Islands Holdings and vicechairman of Falkland Oil and Gas, told the Sun. The financial sector in the UK has invested £327 million into the projects due to the amount of oil believed to be at the North Falkland Basin and the benefits it would provide. In addition to British companies, those in Argentina have also made claims to the territory south of the Falklands. In March, Gordon Brown responded to pledges from Cristina Fernandez de Kirchner, Argentinas president, saying that he would not surrender the power over the Falklands. 
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