Energy & Oil

Energy & Oil
Saturday, April 18th 2015 - 10:13 UTC

UK accuses Argentina of bullying the Falklands; it's time they begin acting 'responsibly'

“It is an outrageous piece of bullying and threatening against the Falkland Islanders’ perfect right to develop their own economic resources”, said Fallon

Britain's Foreign Secretary Philip Hammond has accused Argentina of bullying after it announced on Friday in London that it was starting legal action against companies drilling for oil and gas near the Falkland Islands.

Friday, April 17th 2015 - 04:12 UTC

Malvinas Secretary Filmus to talk about Falklands and oil in London

Filmus and Ambassador Castro will be hosting the conference and media round this Friday in London

Argentina's Secretary for Malvinas Islands Affairs, Daniel Filmus will be giving a conference on Friday in London on the Falkland Islands sovereignty dispute with the UK and the current round of oil drilling offshore the Islands, in what Argentina considers its territory.

Tuesday, April 14th 2015 - 11:49 UTC

Falklands oil explorers replace costly drilling in the south-east basin

The Eirik Rude semi-submersible platform is currently drilling a second well at Isobel Deep in the north Falkland basin

Three oil explorers drilling in the Falkland Islands, including Houston based Noble Energy have shelved plans to drill a second well in the south and east Falklands following the steep drop in oil prices, one of the partners said on Monday. Partners, which also include London-listed Falkland Oil and Gas (FOGL) and Edison International, said they would continue drilling in other parts of the region.

Tuesday, April 14th 2015 - 09:39 UTC

Falklands Argos in farm-out agreement with Noble Energy to drill exploratory well

“The Rhea prospect diversifies our prospect inventory and upgrades our chance of overall success”, said Noble's vice-president Susan M. Cunningham

Noble Energy announced Monday that it has acquired additional acres offshore the Falkland Islands and plans to start drilling, despite opposition from Argentina’s government. The Houston-based oil company now holds a 75% interest in a license in the North Falkland Basin from Argos Resources Limited, an oil and gas exploration company based in the Falkland Islands.

Saturday, April 11th 2015 - 14:27 UTC

Seizure of YPF faces litigation from two Spanish companies demanding compensation

The two Spanish firms are in the process of liquidation after filing in 2012 for  bankruptcy protection; Burford, Prospect Investments, won rights to begin legal proceedings.

Argentina has been sued in a US district court in New York in connection with its nationalization of oil giant YPF in 2012, according to court documents. The plaintiffs are two Spanish firms, and they are represented by a US law firm Burford Capital.

Friday, April 10th 2015 - 05:24 UTC

Rousseff declares Petrobras 'clean' after purging corrupt managers and practices

”Petrobras is still standing. It has cleaned up what it had to clean up and got rid of those who took advantage of their positions to enrich themselves,'' Rousseff said

Brazil's State-run oil company Petrobras has purged corrupt managers and put a graft scandal behind it, while hitting record output levels from offshore deposits, President Dilma Rousseff said Thursday. The indictment of former senior executives of Petrobras the investigation of dozens of political allies of Rousseff in the multibillion-dollar kickback scandal has thrown her government into crisis and undermined investor confidence in Brazil.

Friday, April 10th 2015 - 03:09 UTC

“UK has no doubt about sovereignty over the Falklands and Islanders right to decide their future”

“We object strongly to recent statements by the Argentine president and the Argentine ambassador to London, and so summoned the ambassador to account for these”

The UK Foreign Office summoned Argentine Ambassador Alicia Castro to object recent remarks regarding the Falkland Islands by President Cristina Fernandez and the diplomat based in London. An FCO spokesperson said that Britain has no doubt about its sovereignty over the Falkland Islands and surrounding maritime areas, nor about the Falkland Islanders' right to decide their own future.

Friday, April 10th 2015 - 03:06 UTC

Uruguay considering extending length of oil exploration contracts

“If we find oil, there is no possible scenario in which this could be profitable and be developed” said de Santa Ana, ANCAP exploration manager

Uruguay is considering extending the length of its oil exploration contracts with foreign companies drilling in its waters in order to shore up investment at a time of plunging crude prices, it said on Wednesday. BP, BG Group, Total, a joint venture of Tullow Oil and Inpex, and a consortium of YPF, Royal Dutch Shell and Galp all have exploration agreements and have invested around $2 billion to date.

Friday, April 10th 2015 - 00:44 UTC

Cristina Fernandez will visit his close new friend Putin on April 22/23

Putin made an official visit to the Buenos Aires in July 2014, during which time the two countries signed energy and cooperation deals

Argentine President Cristina Fernández will be heading to Moscow in just under two weeks upon invitation from Russian President Vladimir Putin to mark 130 years of diplomatic relations between the two countries. The announcement of the president’s 22/23 April visit to Russia came amid news that she would also visit Pope Francis in the Vatican on June 7.

Friday, April 10th 2015 - 00:25 UTC

Five Falklands' oil companies accused of violating Argentine law and UN resolutions

CFK accused the companies of “carrying out hydrocarbon exploration activities on Argentina's continental shelf without obtaining the corresponding authorization”

Argentina's government on Thursday formally accused five oil companies of conducting illegal exploration work off the British-ruled Falkland Islands, which Buenos Aires claims as its own. The companies are Britain's Rockhopper Exploration plc, Premier Oil plc and Falkland Oil and Gas Ltd; Houston-based Noble Energy Inc.; and Italy's Edison International SpA, Argentina's Foreign Ministry said in a statement.

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