#argentina Judge Orders Asset Seizure Of 5 Falklands O&G #companies #assets #businesstrends

By 29th June 2015 Industry News No Comments

The UK said Monday that any effort by Argentina to seize the assets of oil producers working in the disputed Falkland Islands would be illegal. The announcement comes two days after the Argentine government said it would pursue a local judge’s decree against six companies.

A federal judge in Tierra del Fuego on Saturday ordered the seizure of $156 million in bank accounts, boats and other assets belonging to six European and U.S. oil firms operating in the Falkland Islands.

On Sunday, Argentine Foreign Minister Hector Timerman was quoted by the local media as saying the Latin American country planned to pursue the case as part of its claim to the sovereignty of the islands. This is something the UK outright rejects.

A spokeswoman for Britain’s Foreign Office said, when asked by Reuters how London would react to Argentina’s move, “We have always been very clear that this is an unlawful assertion of jurisdiction over the Falkland Islands’ continental shelf, which we reject, and we will raise it with the appropriate authorities.”

She continued, “We are satisfied that the islands have the right to develop their hydrocarbons sector as a legitimate commercial venture with international oil and gas companies, and will continue to support them as they move forward. Argentine domestic law does not apply to the Falkland Islands.”

The firms named in the judge’s decree were Falkland Oil and Gas Ltd, Premier Oil Plc, Noble Energy Inc, Rockhopper Exploration Plc, and Edison International Spa.
Source: Industry News {$excerpt:n}