Harbour Energy, Rockhopper Exploration and Navitas Petroleum have signed a heads of terms agreement for the Sea Lion field, paving the way for Harbourโs exit of the Falklands and for Navitas to complete its farm-in.
The UK has played down reports that a United Nations commission has ruled that Argentinaโs territorial waters should be extended to include the Falkland Islands.
Despite current low oil prices, the oil and gas industry in the Falkland Islands is continuing to go from strength to strength as its first project, Premier Oilโs Sea Lion, moves closer to commercialisation, according to an analyst with research and consulting firm GlobalData.
Falkland Oil and Gas Limited, the exploration company focused on the South Atlantic, has said efforts to resolve equipment issues on its Humpback well took longer than expected and resulted in a revised drilling programme.