Territorial bickering aside, the Falkland Islands have been rather disappointing to the oil industry since the 2011 discovery of 1.4 billion barrels of oil in the North Falkland Basin, Alic writes.

Next month will determine the eventual fate of the Falkland Islandsand the 1.4 billion barrels of oil so far discovered therewhen a referendum on self-determination is held.

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In the run-up to that referendum, Argentina has stepped up the rhetoric, most recently with the Argentine Foreign Minister claiming that within 20 years, the Falkland Islands will be entirely under Argentinas control.

UK Foreign Secretary William Hague has responded by calling this a counterproductive fantasy. Hague says the government of Argentine President Cristina Fernandez de Kirchner has refused diplomatic dialogue and chosen instead a path of bullying.

We shall never negotiate about the sovereignty of the islands, unless the islanders wish it, Hague said.

For now, the Falklands are a British Overseas Territory, but Argentina claims sovereignty over the islands, which it calls Las Malvinas. Its a rather long and complicated history that has seen the islands change hands numerous times, but first inhabited by the French back in 1764. In 1982, Britain and Argentina fought a 10-week war over the islands. One can argue all day about whom the islands really belong to, but that will get us nowhere.

Whats relevant is what todays inhabitants want.(Related article:The Real Reason Behind Argentina's Renewed Interest in the Falkland Islands)

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The future of oil on the Falkland Islands