But for Maggie Thatcher, RIP, this would be a different story--
The Falkland Islands Brace for Oil Wealth - Businessweek: "The field, known as Sea Lion, contains about 400 million barrels of oil, according to Rockhopper Exploration (RKH), the explorer that discovered it three years ago. Premier Oil (PMO) of the U.K. agreed to take over operating the field last year with a $1 billion investment. The islands can expect to receive $3.9 billion in royalties and $6.6 billion in tax revenue over the life of the field, according to Edison. Those figures may increase if more oil is found around Sea Lion or if gas finds drilled last year are deemed to be of commercial value. “There’s strong potential for more reservoirs to be discovered and developed,” says Ian McLelland, head of oil and gas at Edison. The money will go mostly to the sovereign wealth fund. . . ."
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Oil Prices Drop, Despite Heightened Sanctions on Russian Crude - The price of oil fell by about 10 percent this week, easing (for now) supply worries about the E.U. embargo and a price cap.