Hot Topic: Falkland Island Offshore Drilling

In addition to the strife built up by Argentina before drilling ever started, the Falkland Islands are a hot topic for petroleum experts and investors, alike.

While Argentinian President Cristina Fernandez may have been trying to stop exploration offshore the Falkland Islands in the South Atlantic Ocean, she really just turned up the volume on the buzz that was already humming about this new exploration areas. And to top it off, she wasn't successful at stopping the drilling rig and supplies from getting offshore the Falklands.

Now, Desire Petroleum, Rockhopper Exploration and Falklands Oil & Gas Limited (FOGL) are drilling successfully offshore the Falkland Islands. Desire reported gas after drilling its exploration well at the Liz prospect, and Rockhopper has confirmed oil at the Sea Lion prospect.

Now FOGL is drilling its first well in the South Atlantic with Australian major BHP Billiton, targeting the Toroa prospect. The oil and gas community, as well as investors in the know, are eagerly awaiting the results of this well -- hoping that the Falkland Islands and the South Atlantic prove an altogether new oil and gas region.

In fact, Desire Petroleum has already tagged Rachel, Ninky and Anna prospects as similar to the Sea Lion discovery -- with plans to drill Rachel next.

...........................................................

Phaedra Friend Troy is the content director for PennEnergy.com, an all-energy website that provides oil and gas, power and infrastructure news, analysis, reports and more. Sign up for a free daily enewsletter today.