Falklands: The Quest for Oil

Falklands: The Quest for Oil
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The Falkland Islands in the South Atlantic Ocean east of Argentina were the theater of a war fought in 1982 between Argentina and the United Kingdom. In 1998 six wells were drilled, but not enough oil was found and the low price discouraged any exploration. Lately, a British oil rig has been towed from the North Sea to initiate another round of exploration. With an estimation of 3.5 billion barrels of oil and nine trillion cubic feet of natural gas, Argentina is also seeking its share. The only problem is that the Falkland Islands stated it would oppose any Argentine company exploring for oil and gas in its waters, amid a diplomatic row between the U.K. and the South American nation over drilling in the disputed territory. What’s next?

More details from BBC News: http://news.bbc.co.uk/2/hi/business/8519807.stm