The North Falkland Basin could contain 3.5 billion barrels of oil as well as having “significant gas potential.” There are 2500 residents on the island. The current estimated value of the oil is 280 billion. This is about $110 million worth of oil associated each Falkland Island resident.
A war was fought in 1982 over the island between Britain and Argentina when there was only people, land and sheep in dispute.
On Monday, British oil and gas exploration company Desire Petroleum announced that its Ocean Guardian rig had started drilling an exploration well in the North Falkland Basin, some 100 kilometers (60 miles) north of the islands.