The Falkland Islands Government awarded seven offshore Production Licences to five consortia in October 1996. The licensed tranches lie to the North of the Falklands in the North Falkland Basin where water depths range from 150 to 500 metres and the distance from shore is between 100 and 250 kilometres.
The SCA marked on the map is the Special Cooperation Area earmarked for possible future development work with Argentina. Amerada Hess, Shell, Lasmo and IPC drilled six exploration wells in 1998. Although commercial quantities of oil were not found at this early stage, live oil was returned to the surface in one well and gas in another. Subsequent analysis indicates that a very rich organic source rock is present in the basin and up to 60 Billion Barrels of oil may have been formed. More wells are now needed to find the oil.
The Falkland Islands Government has recently introduced a policy, known as Open Door Licensing, accepting bids from oil companies on a monthly basis for unlicensed acreage. Production licences are awarded in relation to the required criteria set out in Offshore Petroleum (Licensing) Regulations 2000. Copies of the Regulations and guidelines for companies can be obtained from the Department of Mineral Resources.In addition to licence awards for new acreage licence holders in the North Falkland Basin are seeking farm-in partners in order to embark on a second drilling phase. Contact addresses can also be obtained from the Minerals Department.
Wisdomtree SC Div stock quotes
Wisdomtree SC Div stock charts
Follow this thread
