Rockhopper optimism on Falklands oil development
LONDON. September 15. KAZINFORM A British company searching for oil off the Falkland Islands in the South Atlantic says it has made further significant finds; Kazinform refers to BBC.
The company, Rockhopper Exploration, said it expected to start pumping oil by 2016.
It said it would need $2bn (£1.3bn) to develop the field.
The search for oil off the Falklands has angered Argentina, which claims sovereignty over the islands it calls Las Malvinas.
On Wednesday Rockhopper said it had found further oil in its Sea Lion prospect, where it announced substantial quantities in March.
The company estimates there are 350m barrels of recoverable oil in the field it has been exploring - enough to turn the Falklands into a significant oil production centre.
It said it expected production to peak at about 120,000 barrels per day in 2018.
It has not said how it plans to fund development, though analysts say partnership with another oil company is a possibility; Kazinform cites BBC.
To learn more go to www.bbc.co.uk