Rockhopper upbeat about Falklands oil prospects
15 Sep 2011
British company, Rockhopper Exploration, searching for oil off the Falkland Islands in the South Atlantic has exported further significant finds.
The company said it needed $2 billion to develop the field and that it would start pumping oil by 2016.
The search for oil off the Falklands has raised hackles in Argentina, which has laid claims of sovereignty over the islands it calls Las Malvinas.
Yesterday, Rockhopper said it had found more oil in its Sea Lion prospect, where it announced it had struck substantial quantities in March.
According to the company's projections, the fields contain 350 million barrels of recoverable oil, enough to turn the Falklands into a significant oil production centre.
According to the company, it expected production to peak at about 120,000 barrels per day in 2018.
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