Developers Prep Falklands Sea Lion Drilling, Projecting £280 Million a Year by 2034
Updated
Updated · POLITICO · Jul 15
Developers Prep Falklands Sea Lion Drilling, Projecting £280 Million a Year by 2034
2 articles · Updated · POLITICO · Jul 15
Summary
Sea Lion developers are preparing to drill north of the Falklands, with co-owner Navitas Petroleum projecting the field could generate £280 million a year for the islands by 2034.
That windfall would flow to the Falklands government rather than Britain, while Argentine President Javier Milei says the resources belong to Argentina.
The project also highlights the U.K.'s shrinking North Sea industry: annual British oil and gas revenues are forecast to fall to £100 million by 2031.
Offshore Energies UK says the North Sea downturn is already costing about 1,000 jobs a month, while the Falklands is expected to use new income to rebuild aging energy infrastructure.