
Argentine President Cristina Fernandez made the historic decision to nationalize oil and gas company YPF at “the right moment” because Repsol was “milking dry” YPF resources and reserves, said Planning Minister Julio De Vido and Deputy Economy minister Axel Kicillof at a press conference at the Economy ministry in Buenos Aires.

Spain energy Group Repsol regained rights on a 6% warranty-stake in the Argentine oil and gas giant YPF after the Petersen Group, which used to own 25.46% of the company, lost it as the result of not having met payments for the loan through which they initially enter the business without paying a single cent.

Spanish company Repsol has said it is pulling out of Cuba after failing in a recent attempt to find oil off the island. Chairman Antonio Brufau told journalists and investors that Repsol won't do another well in Cuba.

Argentina explained that the YPF seizure was carried out in order to avoid an energy crisis in an article which was published in the US edition of The Financial Times newspaper and signed by Ambassador Jorge Argüello.

Spain’s Repsol, recovering from the recent seizure of YPF by the Argentine government, said an area off the coast of Brazil it is exploring with partner China Petroleum and Chemical Corp. contains the equivalent of at least 1.25 billion barrels of oil.

Despite desperate attempts from Argentina to deter potential investors and increased interference in Falkland Islands’ activities the objective of an economic blockade has not been achieved, said Governor Nigel Haywood on Wednesday in his ‘state of the nation’ annual speech to the Legislative Assembly.

The political noise stirred up by Argentina over the Falkland Islands will not deter big energy firms from investing in the region if there is enough oil found to make it worthwhile, said the chief executive of exploration company Falkland Oil & Gas.

Amerisur Resources Plc, the oil and gas producer and explorer announced on Monday it has received a Prospecting Permit by Paraguay’s Ministry of Public Works and Communications for the Espartillar block in the Paraguayan Chaco.

The price of oil rose for the first time in seven days in New York after China pledged to boost the nation’s economy and Goldman Sachs Group Inc. said the balance between supply and demand of crude is tightening.

Germany's Wintershall, the oil and gas arm of chemicals group BASF, said on Monday it was unperturbed by the enforced nationalisation of Argentine oil company YPF, having just been awarded another oil and gas licence there.