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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Oily1 who wrote (938)3/10/2001 12:09:06 AM
From: Tomas  Read Replies (2) of 2742
 
The Falklands: Offshore oil - The Independent, March 9
(excerpt from an article titled After The War: Rupert Cornwell Returns To The Falklands)
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In short, the Falklands are entirely self-financing, barring defence; and even that may change if they hit the real jackpot - offshore oil. Right now, a second exploration phase is about to start, and no one expects commercial production before 2010. But the first phase was promising enough for Shell to estimate potential reserves at between 20 and 60 billion barrels. That is North Sea size, and though monster fields like Brent and Forties are unlikely, there should be enough to permit the islands to reimburse Britain for the pounds 70m it spends each year on maintaining Mount Pleasant.

Already, however, Stanley feels like a boom town. In the Falklands, of course, all things are relative; the town is still so tiny that the arrival of a decent-sized cruise ship can double the population for 12 hours. But new estates are sprouting up; there is a business district, even a bypass. The streets are so thick with new Land Rovers and four-wheel drives that Stanley's first set of traffic lights cannot be far off.
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