Argentine plan to seize #falklands oil driller’ assets 'unlawful' says UK

By 29th June 2015 Industry News No Comments

UK Foreign Office Officials on Monday rubbished any attempt by Argentina to seize assets of oil drillers operating in the waters off the Falkland Islands saying the Argentine judge’s order against six Falklands’ related oil firms was unlawful. The Foreign Office Spokeswoman said, “We have always been very clear that this is an unlawful assertion of jurisdiction over the Falklands Islands’ continental shelf, which we reject, and we will raise it with the appropriate authorities.”

She went on to say that: “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.”

An Argentine federal judge in Tierra del Fuego on Saturday ordered the seizure of $156 million in bank accounts, boats and other property belonging to six European and U.S. oil companies operating in the islands.

Hector Timerman, Argentine Foreign Minister, was quoted in the local press on Sunday as saying, “My country intends to pursue the case as part of its claim to the Islands’ sovereignty.”

Premier Oil Plc (PMO.L), Falkland Oil and Gas Ltd (FOGL.L), Rockhopper Exploration Plc (RKH.L), Noble Energy Inc (NBL.N) and Edison International Spa (EIX.N) are the companies named in the Argentine order.

For the time being, the oil companies involved decline to comment.
Source: Industry News {$excerpt:n}