.

lots of talk; no action .... have forgotten quite why the comment

Cynic - what does " cor blimey trousers " mean ?

..Argentina Plans To Sue British Oil Companies

By (c) Sky News 2012 | Sky News – 14 minutes ago


Argentina has escalated its diplomatic battle with Britain over the Falkland Islands by taking steps to sue five UK oil exploration companies.

The Argentine president has targeted Desire Petroleum (LSE: DES.L - news) , Falkland Oil and Gas, Rockhopper Exploration, Borders and Southern Petroleum, claiming the firms are engaging in "illegal and clandestine activities" by drilling around the islands.

Cristina Fernández de Kirchner said the companies were operating "in a sovereign area of the Argentine nation and as such fall within its specified laws and rules."

Her foreign ministry said the declaration opened the way for the "immediate launch" of criminal proceedings against the small oil companies - which only moved into the area two years ago.

It said the Argentine government would soon make contact with Britain's Treasury, the Financial Services Authority, the International Organisation of Securities Commissions and the New York Stock Exchange as it pursues the threat.

The British Government has hit back and promised to work with any company potentially affected.

A Foreign Office spokeswoman said: "These latest attempts to damage the livelihoods of the Falklands Islands people regrettably reflect a pattern of behaviour by the Argentine government.

"From harassing Falklands shipping to threatening the islanders' air links with Chile (Berlin: G4R.BE - news) , Argentina's efforts to intimidate the Falklands are illegal, unbecoming and wholly counter-productive."

The Falkland Islands' oil reserves - which have remained untapped until now but which analysts predict could be worth tens of billions of dollars, have been a major source of tension between the countries since their discovery in 1998.

The rocketing price of crude oil from $10 to $125 a barrel has enticed British exploration firms back to the islands since 2010 - much to Argentina's dismay.

So far only Rockhopper - named after a Falklands penguin breed - has confirmed significant oil reserves, in the Sea Lion field to the north of the islands.

The war of words over the Falklands has intensified around this year's 30th anniversary of the bloody 74-day conflict - when 255 British troops and three female islanders were killed.

Britain has ruled the islands since 1833, successfully defending them in 1982 after sending a naval task force to repel an invasion by Argentina, which calls the archipelago the Malvinas.

Last November Argentina slammed the decision to deploy the Duke of Cambridge (SES: E2:J91U.SI - news) to the islands as part of his helicopter rescue pilot training as "provocative".

And in May an Argentine advert featuring one of their Olympic hopefuls training on the islands was criticised by the British Government and the IOC.

..

Yep, they are going to seize all their assets in Argentina - which equals errrrrrrr zero.

The UK government has already replied that Argentina has no jurisdiction and for sure no Falkland company has any assets in Argentina - so its all yet another load of hot air from CFK the nutter and her mate Tinkerbell.

It would be nice to think the UK Gov is already strengthening the Falkland Is. but history has a habit . . . .

Strategically, Argy would like to have an Oil resource on their doorstep - like our North Sea, but they made such a fist of the War . . . .

However, the Args have the LT opportunity to plan and good bases on the mainland. Brit should make it clear that if attacked, we will destroy their airfileds on the mainland and sink any ships on the High Seas....which are not registered to the Falk island military. ( a simple process that allows Military to know who's who and what they are doing . . includng giving permission for a thorough search on demand.)
...At least that would give us a bit of a plan....
Pity we scrapped our aircraft carriers....they'd make a "Seen enemy"(Moord somewhere round the Islands), for the Argys to attack - and never know if they were operational until too late..... cunning plan, eh?

hangon, HMS Dauntless is there now, which can single handedly wipe out the entire Argie air force without breaking a sweat.

A nuclear submarine is also now there, which brings Buenos Fairies into missile strike range.

They have been told in no uncertain terms - if you even think about it you will get wiped out.

Which is why CFK is still trying to grab media headlines, cause its the only thing she can influence..........

HMS Daunltess in the Falkland Isles?

On the way chuckles, doing West Africa tour on the way down to her new role in the South Atlantic.

Right then, thats it.
I am definitely never going to buy a tin of Argentinian corn beef.
There are 2 reasons for this.

1 Why should I buy anything that supports the Argies.
2 (and more importantly), I can never get the bloody tin open.

http://www.minyanville.com/trading-and-investing/commodities-and-options/articles/Crude-Oil-Natural-Gas-energy-sector/6/6/2012/id/41429


.........The agency, in its most recent Short-Term Energy Outlook, said that it expects global oil demand growth of 1.0 million barrels per day in 2012 and 1.2 million barrels per day in 2013. EIA’s latest forecasts assumes that demand will decline in North America and Europe but this will be more than made up by impressive consumption surge coming from China, the Middle East, Central and South America.

Separately, the Organization of the Petroleum Exporting Countries (OPEC) -- which supplies around 40% of the world's crude -- predicts that global oil demand would increase by 0.9 million barrels per day annually, reaching 88.7 million barrels per day in 2012 from last year’s 87.8 million barrels per day.

Lastly, the third major energy consultative body, the Paris-based International Energy Agency (or IEA), the energy-monitoring body of 28 industrialized countries, said that it expects world oil consumption to grow by 0.8 million barrels per day in 2012 to 90.0 million barrels per day.

In our view, crude oil prices in 2012 are likely to witness more upside -- rather than downside -- given the considerable supply tightness in the market. While domestic demand is relatively soft and the global economy still showing signs of weakness, the fact that demand is outpacing supply appears to be evident.

As long as growth from the developing nations continues and the global output is unable to keep up with that, we are likely to experience a surge in the price of a barrel of oil. With a world population of seven billion people and all the easy oil being already discovered and expended, our firm assumes that crude will trade in the $90-$100 per barrel range for the near future...........

Great news for DES and RKH about oil price means Ziltch to FOGL or BOR as found no oil.

Current price of oil (or near future price) is irrelevant to all of them as none of them are producing. What they would like to know is what the crude price will be in circa three years time.

Hi Harrycat,

Fully agree.
When ever the oil price dips, along come many comments re end of oil price increases, will be an oil glut, or/and value of oil fields decreases.
Most if not all oil analysts predict that oil demand and prices will increase over the next year to four years, whilst oil inventories will drop.
Whichever way it goes as has been often said, oil even with more modern technology re exploration and recovery, will continue to struggle to meet demand.
As to oil prices in 2015/16 and after, all my guesstimate can be is that it will be higher than the current price.

Greek.

greek if you want to know where the oil price is likely to be in a few years time ask the Saudis.

on that basis, assuredly >$85 (today's $ value) as that is the level at which Saudi sets its domestic budget

Question answered by Merrill Lynch:
"After a very strong performance (+15% on average) in 1Q12 with the return of risk appetite, the European E&P sector has pulled back sharply recently to post a flat performance year-to-date. However, the fundamentals for many stocks remain at worst unchanged and at best significantly improved. Our top picks remain: Afren, Cairn, and Tullow. And our top M&A candidates remain Ophir and Rockhopper.
Our commodities team make minor adjustments to our house Brent oil price assumptions: 2H12E moves from US$116 to US$106/bbl (FY12E US$109.4/bbl) and FY13E moves from US$120/bbl to US$110/bbl. Crucially, we still retain a FY12-13E average of c.US$110/bbl, and our long-term oil price forecast remains unchanged at US$95/bbl. Thus, we reiterate our positive stance on the E&Ps."

Ask the Saudis.
I would if I thought they would tell me, but yes, they still have a huge say in controlling the price.

Rumours abound that DANA is now moving up the priority table in terms of FOGL/RKH farm in partner.

Not far away from news methinks.



DANA's website says under its strategies :

Secure access to new provinces

......looking beyond our existing operations for growth from frontier exploration and new business development

I thought that she was taken over....didn't she win the eurovision song contest......going up in the world it seems......

There is a petition doing the rounds to stop the UK giving any further loans to Argentina, (yes, believe it or not we still are).
To sign this petition go to
http://epetitions.direct.gov.uk/petitions/34551