Falkland Islanders vote for new government with oil development, Argentina in mind

Falkland Islanders are voting for a new government that will be tasked with managing the transition of the small territory as oil exploration turns to development.

Eight members of the Legislative Assembly of the Falkland Islands Government will be elected Thursday.

The main issues at stake are how to best deal with Argentina's continuing claim to the islands, and how to prepare for the oil wealth expected from offshore drilling.

The nascent oil industry could dramatically transform the islands' society. Oil exploration is already pumping millions of dollars into its treasury. But most islanders seem more concerned about potential problems brought by rapid change.

Argentina still claims the territory it refers to as the "Islas Malvinas" despite nearly 180 years of British control and a failed occupation 30 years ago.