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Potential oil find in the Falklands could lead to friction

UK oil company Rockhooper Exploration has today announced an oil discovery 135 miles to the north of the Falkland Islands. This is smack bang in the middle of the disputed waters between the UK government and the Argentinian authorities and is almost certain to lead to further friction between the two parties. While we await official confirmation of the size of the oil find there is already an increase in political tension in the area.

This comes at a time of renewed political uncertainty in UK and while discussions with the Argentinian authorities would be the last thing on the incoming government's minds there will be issues to address. It seems highly unlikely we will see any military activity in the area but we could see a cranking up of political pressure from countries sympathetic to the Argentinian cause.

Initial forecasts regarding the potential oil find range up to 200 million barrels of oil which is worth in the region of £17 billion at the current oil price. However, this could just be the tip of the iceberg with analysts believing that the area is perfect for the discovery of oil and could be the new North Sea for the UK government.

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