Falklands : Executive Council Publishes Falklands ‘Hydrocarbon Development Policy Statement’
Submitted by Falkland Islands News Network (Juanita Brock) 27.07.2013 (Article Archived on 24.08.2013)
Robust regulation, supply chain support and long-term benefits for Islanders are at the heart of a new policy statement for hydrocarbons development.
Council Publishes ‘Hydrocarbon Development Policy Statement’
© Policy Unit FIG
Robust regulation, supply chain
support and long-term benefits for Islanders are at the heart of a new policy
statement for hydrocarbons development.
At its meeting of 24th July 2013,
Executive Council agreed an overarching set of policy principles for hydrocarbons
developments in the Islands. The policy statements capture the core principles
that will govern the development of an oil and gas industry in the Islands and
how the benefits of the industry will be managed.
The document provides a strong
message to the hydrocarbons industry as to what is expected of them, and
provides a clear statement of intent to the local community with regards to how
revenues will be managed. The eight policies are as follows:
1. Hydrocarbons in Falkland
Islands waters belong to the people of the Falkland Islands and their
exploitation must be to the benefit of the people of the Falkland Islands, both
those of today and future generations.
2. The Falkland Islands Government
will maintain constant supervision and control over all hydrocarbon activities
within the Falkland Islands Designated Area.
3. Petroleum discoveries must be
efficiently managed and exploited to maximise economic recovery and to ensure
the development of a long-term industry presence that will benefit the Islands
for decades to come.
4. Development of the hydrocarbons
industry must ensure the protection and conservation of the Falkland Island’s
environment and biodiversity.
5. Development of the hydrocarbons
industry must take into consideration existing commercial activity and promote
the development of local business capacity.
6. The exploitation of finite
natural resources will be used to develop lasting benefits to society across
the whole of the Falkland Islands.
7. Transparency and accountability
must be present throughout the hydrocarbon development process from all parties
8. The Falkland Islands will only
consider onshore hydrocarbon facilities if they are considered to be in the
best interests of the Falkland Islands, and can be proven to satisfy all of the
above policy goals.
Copies of the full policy
statement are available at http://www.falklands.gov.fk/assets/158-13P.pdf.