Telegraph.co.uk | Race is on to tap 1bn barrels of oil in the Falkland Islands Telegraph.co.uk Around 1bn barrels of oil are thought to be recoverable within an area no further than 200 nautical miles away from the two islands. This would represent potentially the largest single hydrocarbons find within British territory anywhere outside the ... We won't go to war with Britain over Falklands oil, Argentina says CORRECTED-UPDATE 2-Argentina launches lawsuit against Falklands oil drillers Argentina launches lawsuit against Falkland oil drillers |