Falklands War veteran Simon Weston has expressed both excitement and concern over major oil discoveries in the British territory, warning of potential challenges from those seeking to contest British sovereignty.

Speaking on GB News, Weston called the oil discovery "wonderful news" for the Falkland Islands.

"It's exciting for them because they are their own country, their own economy," he said.

However, he cautioned: "I do think it is going to create a lot of backlash from others who are trying to create another story."

The veteran's comments come as the territory moves forward with plans to develop its first major offshore oil project.

The Sea Lion oil field, discovered in 2010 in the North Falkland Basin approximately 135 miles offshore, has proven even more promising than initially thought.

A recent analysis conducted in October revealed that up to 917 million barrels of oil could be recovered from the field - roughly double the annual output of the entire North Sea.

Rockhopper Exploration, the project's leading developer, has increased its extraction target to 532 million barrels, up significantly from its previous estimate of 312 million.

The project has entered its front-end engineering and design phase, with first oil exploration expected as early as 2027.

A final decision on proceeding with drilling is anticipated next year.

The Falkland Islands Government has greenlit the Sea Lion project following widespread support from its 3,500 residents.

However, the development faces opposition from Sir Keir Starmer's Labour government, which has banned new drilling licenses for North Sea oil and gas.

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The UK government will not provide financial backing for the project, with Foreign Secretary David Lammy declaring that climate action would be "central to all that the Foreign Office does."

A Falkland Islands Government spokesperson responded: "The matter of development of the natural resources of the Falkland Islands is a devolved matter and is for the people of the Falkland Islands to decide."

The territory remains one of the few that has not signed the Paris Agreement on climate change.

Weston, who was severely injured in the 1982 Falklands War, emphasised the islanders' right to self-determination.

"As long as the islanders want to remain under British sovereignty, it is their choice," he told GB News.

The veteran also suggested the possibility of oil profits benefiting those who fought for the territory.

"I spoke to islanders a while ago and they said they would get roughly 11 per cent of the profit if they discovered oil. I cheekily suggested that maybe they would give a per cent to all the veterans who were hurt in the war," he said.

"You never know, there might be a windfall coming our way," he added.