Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Argentina launches lawsuit against Falkands oil drillers

Published 17/04/2015, 12:16
© Reuters.  Argentina launches lawsuit against Falkands oil drillers
HBR
-
EIX
-
NBL
-
RKH
-
FOGL
-

By Karolin Schaps

LONDON (Reuters) - Argentina has started legal proceedings against five companies, including three British ones, which are drilling for oil and gas in the disputed Falkland Islands, raising tensions in a diplomatic row over the islands' sovereignty.

Argentina's minister for the Falklands, known as Las Malvinas in Argentina, announced the start of the lawsuit in London on Friday, saying a judge in Rio Grande, Argentina, had agreed to take on the case.

The main companies involved in oil drilling in the Falklands are Premier Oil (L:PMO), Noble Energy (N:NBL), Falkland Oil and Gas (L:FOGL), Rockhopper (L:RKH) and Edison International (N:EIX).

Daniel Filmus told a press conference at the residence of the Argentine ambassador to London that his country was determined to use international and national law to pursue the case. He said the proceedings had been brought against three UK-listed firms and two firms listed in the United States.

He said anyone found guilty of illegal exploration in Argentina would face a sentence of 5 to 10 years in prison, while sentences for illegal extraction would be even longer. The judge will now decide how to proceed.

Earlier this month, Falklands oil explorers Premier Oil and Falkland Oil and Gas kickstarted their 2015 drilling campaign by announcing they had found oil and gas at the first well in a nine-month programme.

In response, Argentina said it would start legal proceedings against the energy firms, leading to the two countries summoning each other's ambassadors for a dressing down.

The Falkland Islands Government said it had a right to develop its own economy.

"Exploration drilling has been happening in Falkland Islands waters for many years," it said. "The Government of Argentina continues to ignore our inalienable right to determine our own future."

It is the latest diplomatic spat between Britain and Argentina, who fought a short war over the Falklands in 1982 which Britain won. The war killed more than 600 Argentine and 255 British soldiers.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.