PETROLEUM POTENTIAL OF THE FALKLAND ISLANDS OFFSHORE AREA

Rocks of Precambrian, Palaeozoic and Early Mesozoic ages are present o n the Falkland Islands. The islands are surrounded by extensive Mesozo ic-Cenozoic basins that developed as failed rift systems during the in itial stages of Gondwana separation. Large tracts of acreage in three of these basins (the Falkland Plateau Basin, South Falkland Basin and North Falkland Basin) were opened for licensing for the first time in October, 1995. The area has undergone little exploration other than th e acquisition of regional seismic data, and interpretations of stratig raphy and basin history are therefore somewhat conjectural. The basins are believed to contain Jurassic to earliest Cretaceous syn-rift sedi ments. Probable marine and lacustrine source rocks, and reservoir rock s eroded from clean Palaeozoic quartzites, are predicted to occur with in this syn-rift succession. Thick argillaceous intervals probably acc umulated during a post-Valanginian thermal sag phase. This sag phase w as interrupted by regional uplift, particularly during the Early Cenoz oic. A variety of ''play'' concepts can be established within each bas in, and potentially large structural targets can be defined on the rec onnaissance seismic data available from the area. The region is consid ered to be one of rite World's last true ''frontier'' exploration area s, where large, deep, Mesozoic failed-rift basins remain to be drilled and explored.