first reported by the Financial Times<\/a>, developers are prepping to drill the Sea Lion oil field north of the Falklands, the tiny archipelago and British Overseas Territory over which Argentina and Britain went to war in 1982.<\/p>\nAny windfall from an oil boom \u2014 and developers reckon revenues could run to hundreds of millions of pounds a year \u2014 would be directed to the Falklands government, much to the annoyance of Argentinian President Javier Milei, who insisted any resources \u201cbelong to Argentina.\u201d<\/p>\n
Not that Brits will look on particularly happily. Oil field cash flowing into Falklands\u2019 coffers (and not to the British state) will be a reminder that the fossil fuel economy in the North Sea, once a powerhouse for jobs and Treasury income, is dwindling fast.<\/p>\n
By 2034, according to Navitas Petroleum, co-owners of the Sea Lion field, its revenues could be worth \u00a3280 million to the island. By that point, the FT noted, its annual value to the Falklands would outstrip U.K. oil and gas revenues, which are set to dip to just \u00a3100 million by 2031.<\/p>\n
The Falklands\u2019 government is likely to use the money to rebuild knackered energy infrastructure. Meanwhile, lobby group Offshore Energies UK says, the decline of the North Sea is already costing a thousand jobs a month.<\/p>\n