Argentina Plans Asset Seizure Of Falkland Oil Companies

As was written, the gateways to the world for the West will be taken — America and Great Britain in particular.

 

Presidential elections loom in the country in October, so perhaps it’s not surprising that a Lilian Herraez, a federal judge in Tierra del Fuego, Argentina’s southernmost region, ordered the seizure of $156 million in property and bank holdings of oil drilling companies, including Noble Energy of the United States.

The government in Buenos Aires said on June 27 that the other targets of asset seizures were Edison International of Italy and three British-based companies, Falkland Oil and Gas Ltd., Premier Oil Plc and Rockhopper Exploration Plc.

Reuters quoted a source which it said was knowledgeable of the situation as saying none of these four companies tends to have financial holdings in Argentina or to work in Argentine waters. But a statement by prosecutors said Noble Energy “has a local office registered in Argentina,” and that its assets there would be frozen.

“The [Argentine] foreign ministry will be notified of the court order so that by diplomatic means and in compliance with international treaties it can be carried out,” the statement said.

The Falklands, an archipelago within 450 miles of the Argentine mainland, have been under British rule continuously since 1833. Buenos Aires still claims the islands, which they call the Malvinas, as its territory, although a majority of the islands’ approximately 3,000 residents say they prefer to remain under British rule.

In 1982, Argentina’s military dictatorship tried to seize the Falklands from Britain, but were beaten back during a brief war. The matter was considered settled for nearly 30 years when oil deposits were discovered in the vicinity of the archipelago, due east of Tierra del Fuego. Drilling in the waters around the islands began in 2010 over the objections of the Argentine government.

Full article: Argentina Plans Asset Seizure Of Falkland Oil Companies (Oil Price)

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