economy
Falkland Islands in line for massive oil windfall thanks to multi-billion-pound new drilling venture
Home Alone and Rocky Horror Picture Show star Tim Curry dies aged 80
TL;DR
- Navitas Petroleum has invested $3 billion in the Sea Lion oilfield, acquiring a second production vessel.
- The new vessel could pump 125,000 barrels of oil per day, with initial output expected by 2030.
- The Falkland Islands government will receive a nine per cent royalty and 26 per cent corporation tax on profits.
- Argentina continues to claim sovereignty over the Falkland Islands, despite a 1982 war and a 2013 referendum.
- The oil field is estimated to contain about 900 million barrels of oil.
- Rockhopper Exploration is undertaking an equity raise to fund its share of the vessel acquisition.