• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 3 hours UK, Stay in EU, Says Tusk
  • 3 hours Nuclear Power Can Be Green – But At A Price
  • 8 mins Chevron to Boost Spend on Quick-Return Projects
  • 20 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 8 hours Socialists want to exorcise the O&G demon by 2030
  • 4 hours U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 17 hours Venezuela continues to sink in misery
  • 10 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 7 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 1 day How Is Greenland Dealing With Climate Change?
  • 10 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 1 day Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
  • 2 hours Regular Gas dropped to $2.21 per gallon today
Alt Text

Saudis Set Sights On $80 Oil

Oil prices rose on Monday…

Alt Text

What’s Holding Back Argentina’s Shale Revolution?

The long-term prospects of Argentina’s…

Alt Text

OPEC Cuts Are Already Paying Off

Despite troubling economic data from…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Trending Discussions

Argentina Makes Good On Debts With These Energy Giants

Back from the wilds of Indonesia, and the luxury of Seoul. To find that one of the world’s best oil and gas plays just got even better.

The place is the nation of Argentina. Where recent moves by the government to ensure high prices have made the country perhaps the top place globally for E&P activity right now.
And late last week, Argentina’s lawmakers took another big step in attracting energy investment. Paying for past nationalizations in the oil and gas sector. Related: Where To Invest As Oil Turns Around

The government said Friday that it has reached settlements with both Shell and U.S. midstream major Kinder Morgan. Over long-running suits related to expropriations carried out by Argentina’s previous governments.

In Shell’s case, the injustice happened to the company’s now-subsidiary BG Group. Which had filed an arbitration claim against Argentina back in 2003 — claiming that government price controls in the energy sector had reduced the value of BG’s holdings in Argentine natgas distributor MetroGas SA.
Kinder Morgan’s subsidiary El Paso Energy also won a more-recent judgement against Argentina. With a World Bank arbitration council awarding the firm $74 million in damages in 2014 — related to the state expropriation of El Paso’s shareholdings in a number of Argentina energy firms.

Up until now, Argentina’s government had been resisting both of these settlements. But on Friday, officials said they will pay the damages in full — amounting to $217 million in total payouts to the two firms. Related: Fundamentals Starting to Underpin Oil Price Rally

That amount is relatively small. But the move is a highly symbolic gesture that Argentina’s new pro-business government is eager to put aside past issues in the energy sector. And give foreign investors the comfort they need to move forward with new projects in the country.

Combined with world-leading financial incentives, and the highly prospective geology of Argentina’s shale plays, this should help cement the country as one of the top spots for E&P activity. Watch for more deals on projects here.

Here’s to bygones being bygones

By Dave Forest

More Top Reads For Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News