Falkland Islands expert Gavin Farquhar, a partner in law firm Pinsent Masons, said the announcement of a Noble Energy farm-in underlined the growing international interest in potential south Atlantic oil reserves.
Mr Farquhar said: “This news is significant in that we now have a major US exploration and production company taking an interest in Falklands exploration activities.
“Operatorship of the farm-in areas will also transfer to Noble Energy in due course, and its long-standing technical expertise will be welcomed.
“Edison International (now controlled by the EDF Group, of France) recently took a £57million stake in Falkland Oil and Gas (FOG) licences so there is a truly international make up emerging in the south Atlantic.
“Noble Energy’s investment also follows hot on the heels of Premier Oil investing £643million for a 60% stake in Rockhopper’s licence interests in the North Falklands basin which includes the Sea Lion discovery.
“In the past week FOG spudded in the Loligo field which has estimated recoverable resources of 4.7billion barrels and if proven would be significantly larger than the size of Sea Lion.
“Against this background, it is understandable that the prospect of the Falklands becoming the world’s next hydrocarbon-producing province is starting to attract international attention.”