Malvinas Plateau

Commentary

Sea Lion's FID and Navitas' acquisition of a second FPSO in 2026 are establishing the Falklands as an oil province, which should support exploration of the Plateau over time. However, the basin is a deep-water frontier with sparse well control, and Argentine opposition and a possible future rise in government take remain risks. Outlook: Positive.

Updated

October 8, 2026

Location

Description

The Malvinas Plateau (Falkland Plateau Basin) is a passive-margin basin beneath 200–2,500m of water to the east of the Falkland Islands. It is bounded to the west by the Falklands Platform, to the south by the Scotia/South American plate boundary and Burdwood Bank, and to the east by the Maurice Ewing Bank, and connects with the Malvinas Basin through the Falkland Chasm. Normal faulting was mainly Jurassic to Early Cretaceous, and the basin contains up to about 15km of Late Jurassic to Cretaceous strata. Good-quality, oil-prone Late Jurassic–Early Cretaceous source rocks were proven by DSDP boreholes on the Maurice Ewing Bank, and the Lower Cretaceous Springhill Formation may extend into the basin as a reservoir.

Summary

The Plateau remains a deep-water frontier with sparse well control. Wells drilled in the southern basins since 2010, including BHP's Toroa-1, found good-quality Cretaceous sands but immature source rock on the basin margins, and no commercial discovery has been made in the Plateau itself. Activity in Falklands waters is concentrated in the North Falkland Basin, where Sea Lion Phase 1 took FID in December 2025 with first oil targeted for Q1 2028, and Navitas acquired a second FPSO (OSX-1) in 2026 to accelerate the Central Development Area. A producing hub could improve the economics of frontier plays elsewhere offshore.