FALKLANDS GET READY FOR OFFSHORE ACREAGE OFFERING

The Falkland Islands government has passed draft legislation setting out terms for oil and gas exploration and development around the islands. Draft terms were first announced in August. They detailed drilling and production requirements on licenses that could last as long as 22 years for exploration and 35 years for production. Philip Richards, principal geologist at the British Geological Survey of Edinburgh, which is advising the Falklands' government on the licensing round, said the