The US Supreme Court heard arguments on Monday in the case of a British company embroiled in a legal battle with Argentina, with justices mulling the question of whether an arbitration tribunal has jurisdiction to punish a sovereign state in favor of a private company.
The French oil and gas company Total confirmed that at the beginning of 2015 it will spud its first exploratory well in deep waters of the Uruguayan continental shelf, according to Juan Gomez, one of directors from the country’s fuel company Ancap.
British Gas started oil production at the Sapinhoa field off Brazil, one of the “Big Five” discoveries in the pre-salt Santos Basin. Along with Petrobras and Repsol, BG plans to pump an initial 25.000 barrels a day from the deposit in BM-S-9 Block, the England-based producer said in a statement.
Argentina’s nationalized oil and gas company YPF announced it has taken control of Metrogas, after acquiring 54.67% of the shares of Gas Argentino (GASA) from the company British Gas (BG). The takeover leaves the oil company as the main stockholder and controller of 70% of the largest gas distribution company in Argentina.
Argentina won a US appeals court decision throwing out a 185 million dollar award to the UK BG Group Plc, which claimed the country’s freeze on natural gas prices caused the bankruptcy of a local gas distributor it controlled.