Falkland Islands Oil Could Triple Britain’s Reserves



1982 – 2 Para flying the flag after beating the Argentinian forces at Goose Green

Flashback: 1982 a corrupt Argentine  Government led by General Galtieri is in dire financial trouble and deeply unpopular at home, in a desperate effort to divert attention from his problems at home Galtieri reiterated Argentina’s old and completely baseless 19th claim to the Falkland Islands.  As history shows Galtieri made the biggest mistake of his career when he decided to invade the Falkland Islands; despite some limited success the largely conscripted  Argentinian invaders  were decisively beaten by the British Forces in a 74 day war which ended on June 14th 1982.

The Falkland Islanders wish to remain British, their experience of life under Argentinian occupation can best be summed up by,  on June 14 every year  the islanders celebrateLiberation Day.

FastForward: 2012 a corrupt Argentine Government led by Cristina Kirchner in dire financial trouble and seeking to divert attention from the problems at home is making the same erroneous claims as Galtieiri for the Falklands. Cristina Kirchner who assumed power after the death of her husband Nestor in 2010 is politically toxic, a close ally of Hugo Chavez, even Barry Obama cancelled a visit to Buenos Aires scheduled for April 2011.

The Argentine economy is in free fall, the IMF are enacting sanctions against the country and now huge oil reserves have been found off the Falkland Islands:

Thirty years after Margaret Thatcher fought a 74-day war with Argentina over the Falkland Islands, the prospect of an oil boom is reviving tensions.

Oil explorers are targeting 8.3 billion barrels in the waters around the islands this year, three times the U.K.’s reserves. Borders & Southern Petroleum Plc (BOR) will drill the Stebbing prospect next month, one of three Falkland wells that Morgan Stanley ranks among the world’s top 15 offshore prospects this year. Meanwhile, Rockhopper Exploration Plc (RKH) is seeking $2 billion from a larger oil company to develop the Sea Lion field, the islands’ first economically viable oil find.

“The area is underexplored and highly prospective,” said New York-based Morgan Stanley analyst Evan Calio. “These could be like the high-impact wells in Ghana and Brazil a few years ago that opened up a whole host of basins.”

A major drilling success will further raise the political temperature as Argentina maintains its claim over the U.K’s South Atlantic territory, 300 miles (483 kilometers) from the Latin American coast. President Cristina Fernandez de Kirchner said Britain is taking her country’s resources, while Thatcher’s successor David Cameron yesterday accused Argentina of a “colonialist” attitude that didn’t account for islanders’ rights.

A new find of oil will inevetably be greeted with a banshee wail from the Green environmental movement who will immediately start bleating stories of fear, environmental holocaust and that time honoured chestnut, they are only there because of the oil.

For the record the Falkland Islanders wanted to remain British long before oil was discovered, they have compared life as British citizens to life under an Argentina and they know without doubt which life they prefer.

“We want to have a full and productive relationship with Argentina,” said Foreign Office spokeswoman Sophie Benger in an e-mailed response to questions. “Whilst the sovereignty of the Falklands is not up for negotiation, there is still much we can do together.”

The world’s largest oil companies like Exxon Mobil Corp. and Royal Dutch Shell Plc face a dilemma: whether the potential of a virgin basin outweighs the risk of a worsening international dispute. While producers with interests in Argentina, such as BP Plc, may be put off, others will want to participate, said Tim Bushell, chief executive officer of Falkland Oil & Gas Ltd. (FOGL), who’s looking for drilling partners.

“Big oil companies are used to dealing with political risks, andbigger ones than some saber rattling by Argentina,” Bushell said in a telephone interview, declining to name the companies he’s talking to. “For every BP, there are other major companies that don’t have an interest in Argentina.”

Shares Rise

Falkland Oil & Gas rose as much as 5.8 percent in London and traded at 49.25 pence as of 1:07 p.m. Rockhopper climbed 4 percent to 329.25 pence.

Good news for the Falklands and good news for Britain, all they remains to be seen is how long it takes the Greens to screw up big time and start bleating for compromise with Argentina all in the morally superior Green cause of keeping that filthy blackstuff in the ground they so easily forget makes their standard of living possible.

Updated 23:25 GMT

You could not make this is up, no really, literally within the proverbial minutes of this being posted eco-facist Caroline Lucas, Leader of the Green Party in England and Wales on the BBC 1 show Question Time wants to give the Falklands to Argentina.



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