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Falkland Islands oil exploration is at a very early stage with
only six  exploration wells drilled to the north of the Islands to date. Although there has not been a commercial discovery yet, oil was returned to the surface from one well and a quantity of gas was discovered in another. Prospects look good for future exploration following oil company and
British Geological Survey (FIG's consultants) analysis that up to 60 billion barrels of oil have been generated in the basin.
At present licensees are active in both the North and South Falkland basins. These are geological areas considered to have hydrocarbon potential. Desire Petroleum is the most active licensee in the northern area and has a 3D seismic survey planned for early 2004. Talisman Energy and Argos
also have licences in adjacent areas. Southern licensees are Falklands Hydrocarbon Consortium, comprising Australian registered companies Global Petroleum, operator, and partners Hardman Resources and the Falkland Islands Company. They have conducted a major review of existing seismic data
over their licensed tranches and the next stage will involve acquisition of new seismic data.
Falkland Minerals JV were granted a six-year prospecting licence to search for minerals on the Islands in 1997. To date, minor traces of gold have been found in streams as well as minerals such as zircon, rutile and garnet in some sands. The Joint Venture is seeking partners to fund an
aeromagnetic survey over the Islands.
The Falkland Islands Government commissioned the compilation of a geological map of the Islands in 1996-98. Copies of the new map (1:250,000) and a geological report can be purchased in the Islands or from British Geological Survey, Keyworth,
Nottingham (tel: +44 (0) 1159 363241 fax: +44 (0) 1159 363488). Three general geology brochures on stoneruns, fossils and the Falkland Islands as part of Gondwanaland are also available.
www.falklands-oil.com
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Key Economic Sectors > Mineral Exploration Falkland Islands, Desire the right
