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

Nov. 14, 1994

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 legislation was passed with only minor changes.

The amendments affect only the internal workings of the islands' administration, not oil and gas exploration and production terms (OGJ, Aug. 29, p. 36).

Acreage proposed by the Falklands government for offer under a licensing round expected next year lie north and south of the islands.

Processing and interpretation of seismic data acquired in two surveys last year has been completed, amounting to a combined 15,500 line km of data.

Richards expects the licensing round to open next March.