UK explorers say delay to search for oil in the Falklands is due to the fall in the price of crude.
Oil explorers in the Falklands have been forced to delay drilling work due to falling petroleum prices as a diplomatic spat between Argentina and the UK over drilling around the islands intensifies.
London-listed driller Falklands Oil and Gas (FOGL) said on Monday that it and its partners had shelved plans to drill a second well in the south-east of its exploration area.
Tim Bushell, chief executive, said: “The actions taken are in the best interests of shareholders. We believe that disciplined capital management is crucial in the current oil price environment and this decision leaves FOGL in a stronger financial position.”
Oil prices have fallen 50pc since last June to trade around $60 per barrel.

Even though prices at the pumps are slowly rising. How obvious can it be? .Wake up