• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 2 mins Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 1 hour Why is Strait of Hormuz the World's Most Important Oil Artery
  • 1 hour CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 2 hours Struggle For Supremacy: Kremlin Condemns Alleged U.S. Ultimatum To Turkey Over Missile Deal
  • 7 hours Solar Cheaper than Coal
  • 1 hour Another surprise 'build'
  • 2 hours Apple Bid To Buy Tesla in 2013 For $240 a Share
  • 1 hour California's Oil Industry Collapses Despite Shale Boom
  • 19 mins Global Warming Making The Rich Richer
  • 9 hours Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 4 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 13 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 20 hours IMO2020 To scrub or not to scrub
  • 18 hours Iceland Reducing Gas Stations By Half By 2025
California Threatens Gasoline Car Ban

California Threatens Gasoline Car Ban

California might ban gasoline-powered cars…

The Politicization Of European Gas

The Politicization Of European Gas

The Politicization Of European Gas…

Royal Navy Caught Argentina Ship ‘’Snooping’’ For Oil Off Falklands

HMS St. Albans

The Royal Navy of the United Kingdom has intercepted an Argentinian survey ship that a Navy commander suggested had been ‘snooping for oil’ on the edge of British territorial waters off the Falkland Islands in the South Atlantic, The Telegraph reports.

HMS Clyde, which was patrolling the waters, saw off on Sunday Argentina’s survey ship ARA Puerto Deseado that had switched off her satellite tracker and approached UK territorial waters, the Royal Navy revealed to The Telegraph. The Argentinian ship that had equipment to survey the ocean retreated swiftly after HMS Clyde approached it, in what navy officials and experts called a minor incident near the Falkland Islands that have been a long-standing territorial dispute between the UK and Argentina, who also staged a brief war over the Falklands in 1982.

Commander Tom Sharpe, former captain of frigate HMS St Albans, told The Telegraph that the Argentinian ship had probably been “snooping” for oil.

Earlier this decade, the waters off the Falklands were proved to contain a billion barrels of oil, but exploration plans were stalled by the oil price slump.

Rockhopper Exploration, which found the oil, believes that the North Falkland Basin could have 1.7 billion barrels of oil in place.

Rockhopper and partners are working to reach a final investment decision on the Sea Lion project in the basin toward the end of this year. Gross capital expenditure (capex) for first oil is estimated at US$1.5 billion, with gross annual production planned at 80,000 bpd. Gross project revenue per year at peak production and oil prices at US$65 a barrel is expected at US$1.8 billion.

Rockhopper’s partner in the Sea Lion project, Premier Oil, said in July this year that a pathfinder bank was appointed to assist with the development of the senior financing structure for the project. Premier Oil continues to focus on securing funding for the project ahead of a final investment decision, it said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Robert Morris on September 10 2018 said:
    I find it is a bit ironic that Britain has control of the Falkland islands and the United Nations Security Council has never demanded that Britain return control of the Falklands to Argentina but they constantly call for the return of Parts of Israel which were taken from Jordan during the six day war and never belonged to the Palestinians. The land in question had belonged to Israel until the Jewish Diaspora happened in in 79 AD when Jerusalem was sacked and burned by the Roman Empire. Israel simply reclaimed what was theirs much like Argentina tried to do with Britain.
  • Tony on September 09 2018 said:
    Get some big international money tied up with those oil reserves ASAP - then no one else will be allowed to touch it without fear of serious reprisal.
  • Adolf on September 08 2018 said:
    Argentina has all rights to do anything it. Wants as long as it is NOT in British waters.

Leave a comment

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