Business Services Industry
Anglo-Australian consortium begins oil exploration in the Falklands Islands.
South American Business Information, June, 2004
Argentina, Jun 24, 2004 (El Cronista/SABI via COMTEX)
The consortium formed by the Australian oil company Global Petroleum and Falklands Islands Company (FIC) has made an accord with UK investment fund RAB Capital to begin oil exploration off the south shore of the Falklands Islands in the last quarter of 2004. The project will demand initial investments of US$3.8mil. The oil exploration permit was awarded to the consortium on 8 July 2002. The permit covers license blocks in the South Falklands Basin. They have estimated reserves of between 200 million and 2,500 million crude oil barrels. Argentina's overall oil production totalled 271.7 million barrels in 2003. Global Petroleum (50%), Hardman Resources (30%) and The Falklands Islands Holding (parent company of...
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