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Falkland Islands: Oil

Volume 506: debated on Monday 22 February 2010

To ask the Secretary of State for Foreign and Commonwealth Affairs what proportion of (a) profits and (b) royalties from oil reserves from the South Atlantic he expects to be allocated to (i) the Falkland Islands, (ii) other Overseas Territories in the South Atlantic and (iii) the UK. (317593)

The natural resources of the Falkland Islands belong to the Falkland Islands However, the Falkland Islands Government have previously offered to share some of any future hydrocarbons related revenues with the UK Government.

To ask the Secretary of State for Foreign and Commonwealth Affairs if he will discuss with Ministerial colleagues the merits of sharing by all overseas territories in the South Atlantic the anticipated financial revenues generated from oil reserves in that region; and if he will make a statement. (317594)

The South Atlantic Overseas Territories have the right to freely dispose of their natural wealth and resources. Should there be commercially viable hydrocarbons finds in the region, any sharing of revenues would be a matter for the Government of the overseas territory concerned