Argentina has again complained that the Israeli company Navitas Petroleum LP is operating in the Falkland Islands, Malvinas Islands, involved in illegal activities in Argentine insular territory without the pertinent hydrocarbons exploration and exploitation permits from the competent authorities.
Premier Oil on Wednesday reduced its forecast for its 2019 operating costs to US$12 per barrel of oil equivalent (boe) from US$ 13 and expects debt reduction to reach the upper end of its US$ 250-350 million target by year-end.
Argentina has launched its first offshore bidding round in nearly three decades. The country's energy secretariat published details regarding bidding terms and conditions for public bidding for exploration licenses.
The Falkland Islands Government, FIG, has issued a public consultation document covering the taxation regime for oil companies operating in the Falkland Islands and their associated supply chain partners. This consultation will be open until Friday 6 April 2018 for responses from interested parties, which will be summarized and fed into final policy and legislative design later during 2018.
Premier Oil has increased its 2015 exploration budget by $20 million to account for higher investments in its drilling campaign in the Falkland Islands, the company said this week in a trading update. The company also revealed it is considering further drilling at the Isobel Deep recent discovery instead of going on to Jayne East in North Falkland.
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.
The Falkland Islands government is reviewing a tax return submitted by one of the oil companies currently operating off-shore the Islands and is confident a mutually acceptable outcome can be reached.