Energy News  
ENERGY TECH
Argentina takes Falklands claim to EU

Statoil sells Brazil oil field stake to Sinochem for 3.1 bln dollars
Oslo (AFP) May 21, 2010 - Norwegian energy group Statoil said Friday it had sold 40 percent of the Peregrino oil field off Brazil to Chinese company Sinochem for nearly 3.1 billion dollars (2.45 billion euros). "For us, this is a way to free up value for our shareholders and at the same time optimise our portfolio and share the risks" linked to developing the field, Statoil spokesman Jannik Lindbaek told AFP. Following the sale, Statoil said it would still own a 60 percent stake and will remain the operator of the field, located in the Campos Basin. The sale has, however, forced Statoil to revise down its production forecasts and it now expects to pump between 2.06 and 2.16 million barrels of oil equivalent per day (mboe/d) in 2012, down from its previous estimate of between 2.1 and 2.2 mboe/d.

The Norwegian company had previously said it intended to reduce its holdings in Peregrino. The buyer Sinochem, China's fourth largest oil and gas company, will dish out 3.07 billion dollars in cash for the purchase. The field is estimated to hold between 300 and 600 million barrels, according to Statoil, which doesn't rule out that the final figure might be higher. Discovered in 1994, Peregrino is scheduled to go into production at the beginning of next year, with full-scale production expected to lie around 100,000 barrels per day, the company added. In mid-afternoon trading, Statoil saw its share price drop 2.37 percent on an Oslo bourse down 1.06 percent.
by Staff Writers
Madrid (UPI) May 21, 2010
Argentina stressed its sovereignty claim over the Falklands Islands archipelago, increasingly at the center of an intense oil quest, amid sharp rebuffs from Britain's newly installed coalition government and calls for restraint from European partners.

President Cristina Fernandez de Kirchner launched the claim at the Caribbean-Latin American summit with the European Union despite advice from Spain and other participants she could try and solve issues with Britain on a bilateral level.

Argentina and Britain went to war over the islands in 1982 after a junta-led Argentine invasion. Britain beat back the invasion, but the conflict cost 907 lives and left Argentina with the stigma of defeat.

The elected governments that succeeded military dictatorships in Argentina were muted in their iterations of territorial claims over Falklands -- till Fernandez revived the sovereignty issue in 2009.

Senior British officials rejected the claim outright, leaving open-ended the next stage in a war of bitter recrimination, begun on the back of renewed prospecting for oil and gas in North Falkland basin.

The undersea deposits are said by seismic experts to be larger than those in Britain's North Sea waters and could rival Saudi Arabia's reserves. Results so far have been mixed, though prospecting companies say it is early days yet for the quantities to be determined.

Critics say the Argentine campaign is populist and motivated to divert attention from the government's economic problems.

"I would like to ask, on behalf of my country and the countries of Latin America ... please reopen our negotiations over the sovereignty of the Malvinas," Fernandez said in a speech at the summit opening. Argentina calls the Falklands the Malvinas.

Britain's newly appointed Foreign Office Minister of State for Latin America Jeremy Browne responded in a statement, "We have no doubt about our sovereignty over the Falkland Islands. The principle of self-determination as set out in the U.N. charter applies. There cannot be negotiation on sovereignty unless and until the Falkland Islanders so wish."

He said the Lisbon Treaty also affirmed the EU position that the Falkland Islands is an Overseas Territory of the United Kingdom.

Browne added, "While we disagree with Argentina over the Falkland Islands, we have a close and productive relationship on a range of other issues, including on economic issues in the G20 and on climate change, sustainable development and counter-proliferation."

Fernandez reacted to the new government in Britain by writing to Prime Minister David Cameron, asking him to stop the hydrocarbon prospecting activities.

"Recently, unilateral oil exploration activities have begun in the disputed area, which has been rejected by my government," Fernandez wrote in the letter, quoted by Argentine media. "I hope it will be possible for you to stop these operations in favor of fruitful cooperation with my country," she told Cameron.

Argentine condemnation of Britain reached a new pitch when an oil exploration round began in the Falkland Islands waters in late February. On May 6 British firm Rockhopper Exploration announced a first offshore discovery of crude oil, provoking further angry pronouncements from Argentina.

Argentina won support for its cause at the Union of South American Nations but when Buenos Aires approached the U.N. it was told to deal directly with Britain.



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Powering The World in the 21st Century at Energy-Daily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


ENERGY TECH
Louisiana senator proposes split of Gulf oil revenue
Washington (AFP) May 20, 2010
Senator Mary Landrieu from oil-hit Louisiana introduced legislation Thursday for financial assistance to Gulf states affected by the spill, including sharing oil and gas revenue from offshore drilling. Under a law passed in 2006, a 36.5-percent share of revenue from drilling would benefit the states of Louisiana, Texas, Mississippi and Alabama by 2017 - Landrieu demanded the split revenue i ... read more







The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement