Oil was discovered in the Falklands in 2010 during a first round of exploration that lasted until 2012, with a second round of exploration in 2015-16. With a recent decline in oil prices, this sector is volatile and revenue will vary annually. The developing oil industry is managed by the Falkland Islands Government and regulated to a minimum of UK North Sea standards. In a comparable way, the Seabirds and Mammals at Sea Team, developed by the Nature Conservancy Council and JNCC, extended its survey work to Falklands waters.