Could the Falklands be the next North Sea oil discovery for the UK government?
While oil and gas stocks in the North Sea have fallen dramatically over the last few years there is no doubt that the UK government has made billions upon billions of pounds from the area. Ever increasing taxes on oil, petrol and various by-products have boosted UK tax income over the last 20 or 30 years. However, there is no doubt that the North Sea is now past its best and there is now speculation that the Falklands could be the next major discovery for the UK government.
It is interesting to see that the UK government has so far refused point blank to discuss sovereignty of the Falklands and its surrounding waters with Argentina or any other political associations. While the United Nations is likely to become involved after Argentina forwarded an official complaint about the UK, the government's position on the Falklands has so far remained steadfast and is unlikely change in the short term.
However, the Argentinian authorities are now trying to block ships passing through the country's waters on their way to the Falklands. This dispute, which has been ongoing for over 100 years, could literally blow up at any moment with both parties determined to make as much political headway from the issue as possible, not to mention the significant income potential for the future.
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