Falkland Islands oil excites explorers Against a background of tension between Britain and Argentina over claims to the Falkland Islands, oil companies say there could be more than eight billion barrels of oil in fields around the islands - that is three times the UK's current reserves. One of those firms, Rockhopper Exploration says it expects to find a partner soon while another, British oil explorer Falkland Oil and Gas, is also looking for investors. However some big companies, such as BP or Spain's Repsol, who have Argentinian interests are not likely to risk partnering with those companies. Industry sources said the support of South American oil producers such as Brazil and Venezuela for Argentina's claims on the islands they call Las Malvinas, means companies which have interests in those countries could also shy away from Falklands players. More about: Oil market, United Kingdom