Falklands braces for changes from oil wealth

(Jamaica Observer): With commercial oil production projected to commence in 2017 for the 3,000 population Falkland Islands, efforts are now underway to ensure that the impending wealth does not upset the order here. According to government minister with portfolio responsibility for the sector, Dr Barry Elsby, the government of the islands is well aware of both the dangers and the advantages which come with the discovery of oil at Sea Lion field, which is north of Falkland waters. Falkland Islands is located in the South Atlantic. "It is expected that the first oil will be in a super tanker by 2017 and the Falkland islands will then become an oil- exporting nation," Dr Elsby said.

At present, the majority of the Falklands revenues come from fish exports.

"Fishing despite all the efforts we put into maintaining viable fisheries, fishing is not entirely within our control… so our economy could fail, but the oil gives us much more security. But we also recognise that it carries downsides — mass immigration, huge amounts of money suddenly hitting a small community — so we are very much aware of that," the Falkland official said.

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