Argentina and UK at odds over ownership of South Georgia islands . But potential revenues from oil and gas have reignited a long-running dispute between London and Buenos Aires over ownership of the Falklands . Falklands government says it has ` ` every step '' to develop hydrocarbons industry . Drilling company estimates area could contain 1 billion barrels of oil . Argentina passed decree requiring Falklands - bound ships to carry permit .
Argentina and UK at odds over ownership of South Georgia islands . Falklands government says it has ` ` every step '' to develop hydrocarbons industry . Drilling company estimates area could contain 1 billion barrels of oil . Argentina passed decree requiring Falklands - bound ships to carry permit .