The North Falkland Basin comprises 99,000 square kilometres of the Falkland/Malvinas offshore territory in water depths ranging up to 1,200 metres. There is currently no hydrocarbon production, however the Sea Lion oil discovery is currently in FEED and further commercialisation of nearby discoveries could follow. Operators have an improved geological understanding of the basin, where exploration wells often target overlapping fans and stacked pay. The exploration wells to date have been focused on a small area, leaving the majority of the basin unexplored. Value creation is possible in the basin despite risks and moderate YTF potential. Political tension with Argentina is a key risk, as British sovereignty is strongly disputed. Sanctions by Latin American countries add to logistical and operational challenges posed by the remoteness of this region of the world.