This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

Baseefa Ltd

UK criticises Argentine plans to seize Falklands oil driller assets

30 June 2015

On June 29 Britain accused Argentina of a politically motivated and illegal attack on the nascent oil industry around the disputed Falkland Islands after the Argentine government said it would seek to seize the assets of drillers operating in region. Argentine Foreign Minister Hector Timerman said his country intended to pursue the case as part of its claim to the islands' sovereignty. 

On June 27, a federal judge in Tierra del Fuego ordered the seizure of $156 million in bank accounts, boats and other property belonging to six European and US oil companies operating in the islands.

"This politically motivated decision to target company assets is a wholly unacceptable attempt to exercise extra-territorial jurisdiction, and has no legal justification whatsoever," said British foreign office minister Hugo Swire.

He said Argentina was conducting a "flagrant and unacceptable campaign to strangle the Falkland Islands hydrocarbons industry."

The companies named in the judge's order were Premier Oil Plc, Falkland Oil and GasLtd, Rockhopper Exploration Plc, Noble Energy Inc and Edison International Spa. They declined to comment.

Argentina claims sovereignty over the South Atlantic islands which it calls the Malvinas, located about 700 km off the coast of Tierra del Fuego. They are inhabited by around 3,000 people, the overwhelming majority of whom say they wish to remain living in a British overseas territory.

Britain and Argentina fought a short war over the disputed archipelago in 1982, after the then Argentine military dictatorship seized the islands by force, and tensions have flared again in recent years with the discovery of oil deposits.


Print this page | E-mail this page

CSA Sira Test