MercoPress. South Atlantic News Agency
Falklands' exploratory campaign ended, following termination of ocean rig contract
The Falkland Islands government and Premier Oil have announced on Friday the ocean rig 'Eirik Raude' contract termination, which in practical terms puts an end to the current exploratory campaign and the scheduled drilling of the Chatham well. Nevertheless both sides underlined the success of the now terminated campaign with the oil discoveries at the Zebedee and Isobel Deep prospects in the North Falkland basin and look forward to continue working in the near future. Read full article
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Disclaimer & comment rulesIn short....
Feb 12th, 2016 - 06:47 pm - Link - Report abuse 01) Premier Oil is effectively retiring from the Falklands to save some cash to try to avoid an imminent bankrupcy...
2) Sanction of Rockflopper's Sea Lion field push forward (yet again) a couple of years more to 2020 - 2022...
3) 2020 being the year where the Paris Agreement on Climate Change will start their programm of leaving known oil reserves underground...
4) Anybody's guess which Oil Reserves will be left untouched... My money, of course on Malvinas
Chuckle chuckle...
El Think.
Where are those islanders who shouted euphoric when he began this campaign in 2012? They boasted that by 2016 would produce 500K bpd.
Feb 12th, 2016 - 08:21 pm - Link - Report abuse 0Must be honest , all this move oil was always speculation that Argentina eventually decide to access and participate in the business. The squatters , know very well that without logistical support and manpower Argentine work, is unable to take out a single barrel of the seabed. And now they will say the Islanders ? Quedare awaiting their silly explanations.
Nooooo, Premier haven't retired from Sea Lion; you bananas are such liers! At least 500mln bbs in the ground.
Feb 12th, 2016 - 08:38 pm - Link - Report abuse 0If you believe POO will never rise and stabilise above ~$60bl then may be so. I Think not. Chuckle Chuckle. In the meantime, we'll carry on selling OUR fish! Money for old rope ;)
Still, the oil ain't in Argentina at least.
Feb 12th, 2016 - 10:34 pm - Link - Report abuse 0It will always be owned by the Falkland Islands, developed or not.
They WILL be extracting oil from Sea Lion at a very competative price. Unlke in PUTA MUERTE where the extraction costs are much higher. Not a lot of investment in Argentinas oil production and who would buy it anyway. Subsidising the oil is not very smart. Poor old Think he has no idea whats going on. Premier have already contracted someone to provide the FSPO and umbilicals and flexibles, does that sound like they are giving up?
Feb 13th, 2016 - 12:03 am - Link - Report abuse 0@4
Feb 13th, 2016 - 06:53 am - Link - Report abuse 0Talk about a defeatist statement... If that the legacy of all of this then the Anglos may even garner my pity.
Turtle - What evidence do you have to show that Falklands cannot develop oil without Arg involvement?
Feb 13th, 2016 - 09:35 am - Link - Report abuse 0I will tell you ZERO - easier yes - but not essential. Same as the exploration- done without Arg- and Arg thus lost many $ millions of supply business!
Very simple fact for you - Sealion Field will be developed in due time when price is right - maybe 3-5 yrs - maybe longer. Much money already spent and spending on evaluating and design etc - this will continue to process. Just that actual decision date to push start button once design and evaluation is complete is unknown and likely to be pushed back.
All very logical and is NO surprise to anyone here.
AS for why the sudden stop - one day it will come out. Maybe rig cost and suitability, maybe other reasons. This big rig was contracted to cover the southern drills - done - so maybe cost has a bearing with todays low oil prices as it is a bit oversized for the waters to the north- all depends on the contract terms which neither I nor Think have a copy of guess.
@1. The Paris Agreement isn't in force. Doesn't open for signature until April. And you might check on the terms. Only if 55 countries that produce at least 55% of the world's greenhouse gas emissions ratify, accept, approve or accede to the agreement. The Falkland Islands are not members of the UN. Try again. Let's see whether argieland complies.
Feb 13th, 2016 - 01:58 pm - Link - Report abuse 0@2. Presumably you haven't noticed that no-one is trying to obtain logistical support from argieland? Check out modern oil industry technology. Something argieland doesn't have. Why isn't the Vaca Muerta churning it out?
Pity whomever you want Nostrils.
Feb 14th, 2016 - 01:44 am - Link - Report abuse 0Only person affected is yourself.
The Falklands still won't be Argentinean. And neither will their oil.
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