The Falkland Islands could pave the way for oil exploration in its waters for the first time in history – triggering an economic boost for locals. Islands are set to be asked if they will back the scheme, which would see up to 500 million barrels of oil extracted from the Sea Lion field. Israeli company, Navitas Petroleum has bought most of the rights to the field so its shareholders in the US and Israel will receive the majority of profits. However, locals would gain millions of pounds in royalties and taxes levied on the profits. The cash injection could transform the islands’ entire economy…