Indian oil and gas company desists from Falklands’ exploration partnership
After having to abandon its oil and gas assets quest in Vietnam off the South China Sea India has asked ONGC Videsh Limited (OVL) not to go ahead with its acquisition of hydrocarbon assets located in deep water in Falkland Islands
The Ministry of External Affairs to the Petroleum and Natural Gas Ministry comes after OVL had sought clearance from the Ministry for making bids for two oil and gas blocks up for offer in the Falkland Islands which had been termed as attractive assets.
The OVL had got a farm-in offer from Falkland Oil and Gas Limited (FOGL) through its advisor Stellar Energy for divestment of up to 35% participating interest in two of its exploration acreages located offshore to the south of the Falkland Islands.
The opportunity was evaluated by OVL's technical team as well as Fugro Robertson Ltd (FRL), technical consultant engaged by OVL. Both the teams found the blocks attractive in terms of their large resources but also risky on account of being a frontier basin and the prevailing geo-political situation.
The blocks are located in the South and East Falkland basins in water depths ranging from 500 metres to 2,000 metres. There sources estimate of the prospects identified vary from nearly 7 bbl to 13 bbl of oil (for oil case) or 46-57 trillion cubic feet (tcf) for gas case.
Although a few wells drilled in the Northern offshore indicate presence of hydrocarbons, the offered Eastern and Southern acreage is ranked exploratory.
In view of the larger hydrocarbon potential and a number of leads and prospects in the acreage, the opportunity was found to be interesting for pursuing. OVL, represented by the Petroleum and Natural Gas Ministry, had approached the MEA for clearance to put in bids for these assets.
However, officials in the Petroleum Ministry said that the MEA had advised OVL against pursuing interests in the region due to the sovereignty claims and dispute between Britain and Argentina. It was also felt that OVL was seeking assets in virtually other end of the world while its recently acquired Imperial Energy in Russia had turned out to be a not so good opportunity.
OVL gave up drilling in Block 128 in Vietnam due to severe logistic constraints in anchoring the rig on a hard sea bottom at the proposed drilling location. OVL had acquired two offshore exploration blocks (127 and 128) in Vietnam as Operator with 100% Plunder Production Sharing Contracts (PSCs). A well was drilled in Block 127 in 2009 and no hydrocarbon was found. After fulfilment of PSC obligations, the block was relinquished.
Minister of State for Petroleum and Natural Gas R. P. N. Singh had stated before the Indian Parliament recently that sovereignty over areas of the South China Sea was disputed between many countries in the region.
Suggested Stories
-
May 21st 2013
Falkland Islands: it’s a three-side debate; Argentina must recognize Islanders right to decide their future
-
May 23rd 2013
Falkland Islands wish for normal neighborly relations with all South American neighbors
-
May 22nd 2013
Falklands and other BOT should be given a seat in the Commons, says MEP Farage
-
May 20th 2013
Falkland Islands: Argentina blasts UK’s ‘double standard’ on self determination right
66 comments Feed
Note: Comments do not reflect MercoPress’ opinions. They are the personal view of our users. We wish to keep this as open and unregulated as possible. However, rude or foul language, discriminative comments (based on ethnicity, religion, gender, nationality, sexual orientation or the sort), spamming or any other offensive or inappropriate behaviour will not be tolerated. Please report any inadequate posts to the editor. Comments must be in English. Thank you.
CORRECT india is clever
Oh and argietards - in all lines of business there are setbacks like this, but seriously, gloating and rubbing the islanders face in it about it will only result with you having egg on your faces.
Indian oil and gas meeting with British oil in companies in Malvinas.
www.youtube.com/watch?v=hYeFcSq7Mxg
What is really funny though marcus is the fact theres nothing you or argentina can do about, without starting a war. Where still waiting for yje promised legal action, the dealine passed over 2 weeks ago and so far nothing, so yet another empty threat from argentina. In the meantime, EU is looking to impose serious sanctions on argentina - Enjoy want time you have left were you can afford to pay your rent and pay for food etc, as its about to get a whole lot more expensive to live in argentina.
“ ingnorant”? English is not my native language but it is yours...ignorant.
Tell me moroon, couldn't you think of an intelligent response to counter what i said - Or do you just prefer to pick people up on their spelling or typing errors in a pathetic attempt to show them up? You do realise no one will thank you for it and will just see you as the arrogant little child you really are. Only those argitards like you will support you and thank you for it, but then everyone here knows they are just as arrogant and childishly pathetic as you are.
I am just pointing out to you that if you like to insult people don't come back crying like a baby after, go to bed.
Article says:
”Officials in the Petroleum Ministry said that the MEA had advised OVL against pursuing interests in the region due to the Sovereignty Claims and dispute between Britain and Argentina.”
I say:
What was Think saying last week?......
en.mercopress.com/2012/05/11/indian-leading-oil-company-in-talks-to-buy-25-stake-in-falklands-exploration-block ......:
”22 Think
And the answer of the Ministry of External Affairs of India (MEA) was:
www.youtube.com/watch?v=WOdjCb4LwQY”
”28 Think
“Our people” have already called “their people” yesterday.........
“Their people” told “our people” that the answer to the Brits is clear....:
Computer says nooo....
www.youtube.com/watch?v=WOdjCb4LwQY”
”35 Think
(30) Beef; you say:
“My bet is it will be a company with connections to India”
I say:
Klick. klick, kliklick, klik, klickeryklick.....................Enter…….
Computer says noooooooo.
Coughhh....
www.youtube.com/watch?v=WOdjCb4LwQY”
Well………………. Computer was right………………
When are you Turnips (and Mr. Beef, and Mr. Gus…..) going to listen to some common sense?..........
Chuckle chuckle©
PS:
Quite good Share Price developments the past couple of weeks don’t you “Think”?
ARG GBX 17.25
-0.62 (-3.50%)
DES GBX 23.25
-0.75 (-3.12%)
RKH GBX 283.25
-13.00 (-4.39%)
BOR GBX 75.0
-1.00 (-1.32%)
FOGL GBX 84.50
-3.75 (-4.25%)
So Muppet Marcus are you going to answer what Teaboy asked, you namely what happened to that threat of legal action that the deadline passed two weeks ago. Or the fact that the EU is looking to impose sanctions on your silly little country that will mean you lot of morons in Argentina becoming far poorer than you already are.
You say:
......when anyone picks up on people spelling in an augment its sure sign that they don't know what to say to counter the augment and it’s a sure sign that they have lost the augment.
I say:
Can't beat that “augument” :-)))
Having been at business school with both Indians and Chinese the ones who really impress are the Chinese,especially the girls,who invariably came top despite English being their second language.
A view shared incidentally by several of my Indian friends. Even though India is expected to surpass China in population in the next 20 years my money is on China.India could do reasonably well because of its links to the Angloworld but it has already split into 3 separate countries since the British ran it and there are about 7 separatist movements not including the Hindu-Muslim conflict.
Beef, sitting patiently for the RKH farm-in and production timetable. Any Argies want to place a bet. I can pay out in USD if you wish with no 25% limitations.
This must be firm evidence of no oil so bugger off and stop looking over the fence like a jelous neighbour.
Nice to see the Turnips try to jiggle joggle and wiggle waggle out of this one....
Last week it was no limit about how good this Indian deal was….........
Today the Indians are, quoting poster (15): ….. Corrupt, nepotistic and generally incompetent……
Must be therefore British FOGL approached them with an offer……….
***Birds of a feather flock together***
And Mr. Beef still sitting patiently on his 30,000 RKH “derisked” babies bought at a ~ £1.5 average……………….
Chuckle chuckle©
PS:
Cmd McDod…….
First of all I would like to use this opportunity to thank you again for your graciousness and generosity the other day………….by investing, on Mr. Think’s name, some 20£ on BOR shares…..
How are my babies doing?
;-)
Seriously, though, you have to question the intellectual capacity of FOGL's Board and the integrity of their farm-in advisers to have allowed this to develop even this far. I can't see anything positive in this for anyone except Argentina.
BTW - Using this Greek debarcle to top up on RKH and have set a limit sell of the acquired 10,456 at £3.20. Want me to proxy for you?
Thank the lord for CMC markets and being able to short the FTSE.
That is so true. As for Marcus, well he still hasn't answered my question.
@Marcus #9 - “I am just pointing out to you that if you like to insult people don't come back crying like a baby after, go to bed.”
Sorry Marcus but since you have not answered my question as pointed out to you by Britishbulldog in post 11 - Then my calling you foolish and ignorant is not an insult, because it is simply a true statement and will remain like that until you can answer my questions. However pointing out peoples spelling or even grammer mistakes is insulting whether your learning the language or not - Especially when that person has made it clear in the recent past that they are dyslexic.
You say:
“ £50 went in........”
I say:
Woooow.....
With that money I could buy a direct descendant of Mancha, a horse of best Chubutean lineage!
www.facebook.com/media/set/?set=a.149894385040559.25570.149078068455524&type=3
Maybe not jets but who knows what is contained in the UK-india trade. We sell over £4 billion worth of stuff to India each year and buy over £6 billion from India. Argentine-India trade level is a joke in comparison.
Walked the dogs......
If I may guess…..
You sound like a Labrador Retriever man…..
When there are proven profitable reserves the cash will flow in as fast as the oil flows out.
I will ask it again so that their can’t be any confusion on the part of the Argy bargys .
So Muppet Marcus are you going to answer what Teaboy asked you, namely what happened to that threat of legal action that the deadline passed two weeks ago. Or the fact that the EU is looking to impose sanctions on your silly little country that will mean you lot of morons in Argentina becoming far poorer than you already are.
Any Argentine will do if those two free thinkers can’t answer the question.
BTW 'I don't Think', if you want to get more money you could always sell your old French watch, made by the Russians in 1956 that always tells the correct time TWICE a day: I'll be generous and offer you 1 UY$. LOL
One day I may even “aunser” him.
One day....
To sum up, Think and his band of keyboard warriors, what you say or believe is not important. And this will always be the case.
You say:
“What you say, or even believe is not important when it comes to the Falkland Islands”
I say:
Obviously, it was important for the Indians.....:
”ONGC Videsh told not to pursue asset buys in Falkland Islands.....
Territorial claims and disputes between Britain and Argentina are cited as the reasons…………..”
www.thehindu.com/business/Industry/article3425773.ece
Sorry lad...
An old habit.... ;-)
Do they colour match your Fair Landy?
I shall repeat my point, you are irrelevant. The Islanders will always decide the sovereignty of the Falkland Islands. Argentina can try its best to destroy our economy, but we will get by.
My offer to visit the Falklands is still open. I shall take you to the (so-called) world famous Globe Tavern on a Saturday night and you can tell all the soldiers and locals in there of your thoughts.
Mr M_of_FI, you know I like you but your “You can tell all the soldiers and locals in there of your thoughts” is not very constructive... Not brave at all.
I dont understand how it is not brave. My point is that Think will always sit behind his keyboard, spouting some quite inane points. He should come to the Falklands, the place that he passes so much comment and judgement and have debates with people face-to-face. I am sure he wont quite have the same charm in person. My invitation extends to you Malvi!
I remember the day when I was in Santiago and an Argentine approached me to talk to me about the Falklands. The poor guy thought I was from England. I quietly listened to his views and then showed him my passport. He turned white and walked away. I guess he couldnt bear actually talking to someone from the Falklands.
Thanks for the invite! This is the second time you´re inviting me over! I can´t refuse if there´s a third one! :) I´d love to go. But you´ll probably double charge me (kidding)
Yeah, I´d heared that story from you. He probably turned white cos he didn´t have the intention to offend you M_of_FI!
Urinehopper 274.38 -8.25 (-2.91%)
Borders & Thieves 70.88 -4.25 (-5.67%)
Farse Oil & Gas 81.38 -3.25 (-3.85%)
Not wonder Exxon-Mobil, BP, Indian oil and gas and more say no.
Disaster Petroleum 22.75 -0.25 (-1.08%)
Arghhhhos resources 16.38 Down-0.88 (-5.07% )
How do Mr.Beef investors friends call this.......?
A Sea of Red............
Suuure :-)
“Eight years ago I made a joke about the islands in an article for this paper. I soon wished I hadn't”
“Stony faces greeted my return. Worse still, my trip coincided with a VIP visit from members of the House of Lords, and I was included on their itinerary, so lined up to meet and greet as many of the people I had pissed off as possible. Public opinion eventually dictated that, while the rest of the party enjoyed dinner at the governor's house, I was dragged on to the radio to apologise”
www.guardian.co.uk/uk/shortcuts/2012/feb/12/offended-falkland-islands
its not british,
mmmm
It did not add up at all to me so not surprised at the result - I.ll even say you won this one! - because the Indins did not do their homework first and found themselves in a potential mess - and appear to have been in a few elsewhere in the world recently - so best all round decision was made.
Marcos - FOGL already have a major investor - have had for many months - thanks to him FOGL are drilling both exploratory wells! There are plenty of Oil Cos that are not already in some shady S American Countries!
Share prices - hell I am not an expert - and we know you are an idiot - even and idiot should be able to work out that in the current climate of euro fears, US economy fear, UK recovery thwarted by Euro problems(UK trades with then you know?) - stock markets are all over the place are going up and down according largely to whoever breaks wind first in the office and facing which way.
“The Falklands is at a stage where a big company can take a large share in what could be a big oil province,” said Stephen Luxton, the Falkland Islands’ director of mineral resources. “There is an active program of marketing by the companies here. There are discussions going on, though we can’t name names.”
Stephen Luxton(aka BogMonster) can name names the problem is that he can't find one.
A few months ago
“Exxon-Mobil CEO Brad Corson who believes there is not enough oil in the Falklands continental platform to make it commercially viable”.
“Think, I did not comment on the original article as it looked odd ”, you say.....
Wel............. This whole Exploration Campaign looks “odd”.....
From DES finding Big Oil twice and then retracting......
From Rockhopper finding Big Oil on the very same spot where Shell had previously found some Uncomercial Oil.....
And then using all their funds to drill four holes in practically the same “Magical” spot.....
And then, when the first “Competent Person Report” didn't live up to their hype, change the “Competent Person”..., if you know what I mean........
Odd, you say?
Odd indeed!
Suuure :-)” - Marcos (48)
So you are saying that visiting the islands doesnt dispel the myths? Thanks for confirming that they are myths.
ARG GBX 16.00, Down -2.29%
DES GBX 22.25, Down -3.26%
RKH GBX 267.75, Down -2.64%
BOR GBX 66.50, Down -6.01% (WoooooW)
FOGL GBX 80.75, Down -0.62%
RKH drilled a number of holes close by their strike - to actually find out what was/was not there- I understand(beef please correct if I am wrong) that that is simply how it is done and even to me seems common sense!
DES - as we all know they were first to drill and huge media hype.
You say:
“Oil crashed to about $10 a barrel and nobody thus had the cash to want to continue in a new frontier zone”
I say:
Well.............. That's what I (and Shell) would pretty much call....: “Uncomercial Oil”.
”One (?) door closes another one opens?”
Watch carefully and stop dreaming my British friend.
Your Argie friend.
From what I have seen of your posts, lacking in intelligent thought as they do, you are not even an Argie friend to the Argies.
Why do you continue with the deluded version of modern history that you spout? A cohesive answer would be appreciated.
Had it been in the North sea or somewhere similar easy to develop and close to markets - the Sealion field would indeed be heading straight into development. But as it is in a new frontier area and development costs are high due to world location(bugger all to do with politics) - there is a level of question still over economic viability. So we wait to see what investors say - and they may be waiting to see what transpires in the southern fields now drilling - or even not until another northern area drill in a year or two,s time.
Who knows - you dont for sure!
As for stock prices - ever heard of the euro troubles? - UK economy troubles- USA economy troubles - Japan- China etc etc - hell even Argentina,s!! Not surprising these companies jump about as most of the worlds main stock market prices are! Funny though that you seem to avoid commenting on the rises when they happen!
Unfortunately for us - and probably good news for you! - the world stockmarket state of today is not really conducive to anything much other than very safe well studied secure investment. So we may have to wait a bit before RKH get a partner.buyout.
Does not worry us here though as the Islands are picking up a big economic gain from the current exploration programme and OUR Govt cash reserves rising nicely, good cash to invest in tourism - so we can wait - no problems!
How long can your Govt wait until its cash reserves run out? - they seem to going in the opposite direction to ours.
Why are you so temperamental? That is so unbecoming of a British gentleman! Can you appreciate this as a cohesive answer?
Now please illustrate me ... illuminate me (without being temperamental: Why would you say the Indians are not going ahead with its acquisition of hydrocarbon assets located in deep water in Malvinas Islands?
I have never said anything about the Indians, only your post lacking intelligence and clarity and not being an Argie friend to the Argies.
You next post was great until you stumbled at the first sentence of the second paragraph.
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!