Falklands partners with French

Falkland Oil & Gas yesterday brought in Italian utility Edison as its new partner, bringing in a large, non-British company to help it look for oil in the UK-governed Falkland Islands, where exploration has angered Argentina. The British company said Edison, owned by France’s EDF, would pay around $50m for costs already encountered in exploration work and 2012 drilling costs for a 25 per cent interest in its northern licences and a 12.5 per cent in its southern licences. Edison will also make a separate cash contribution of $40m to the firm.