Argentina's Ministries of Foreign Affairs and Energy Wednesday announced sanctions were to be imposed on three companies for operating illegally in the South Atlantic.
Argentina announced it has launched a sanctions process against several foreign oil companies, the UK based Chrysaor Holdings Ltd, Harbor Energy Plc, and Israel's Navitas Petroleum for involvement in hydrocarbons activities, with illegitimate Falkland Islands licenses, in the Argentine continental shelf, more precisely at the Sea Lion project in North Malvinas basin
Major oil companies have approved US$50 billion of projects since last year that will not be economically viable if governments implement the Paris Agreement on climate change, think-tank Carbon Tracker said in a report published on Friday.
Mexico’s newly inaugurated president Andres Manuel Lopez Obrador, AMLO, is turning up the heat on foreign oil companies to show results before he holds new auctions.
Argentina plans to launch a delayed offshore licensing round in October as it seeks to explore a large frontier region in the South Atlantic for potential oil and natural gas production growth in the future. This was announced to oil executives in Houston by Argentina's energy secretary Javier Iguacel.