YPF & PDVSA Will explore Malvinas continental shelf 4 oil, said Pagina 12MercoPress #26th_2012

YPF & PDVSA Will explore Malvinas continental shelf 4 oil, said Pagina 12MercoPress #26th_2012

August 7, 2019 0 By NewsTakers

Wednesday, December26th2012 – 06:03 UTCFull article
YPF Miguel Galuccio and PDVSA Rafael Ramirez Carreño According to reports in the Argentine media, the nationalized Argentine oil company YPF, formerly owned by Spain’s Repsol, will be teaming up with Venezuelan oil giant PDVSA to explore the continental shelf around the Falkland/Malvinas Islands for oil.
Ramirez Carreño said the prospective investments are the result of joint-ventures in Venezuela between the two countries.
However, he added that Venezuela is “proceeding with caution” after a warning by Repsol to companies that partner with YPF after the expropriation of its shares earlier this year.
Argentina announced in April it was taking control of YPF, seizing a 51% stake from Repsol, a decision supported by Venezuelan President Hugo Chavez.
This is the latest in a series of moves by the current Argentinean President, Cristina Fernandez, to escalate tension over the Falklands on the 30th anniversary of the war fought by the UK and Argentina over the Islands in 1982.
In the face of a campaign of harassment against British interests in Argentina, the UK government tabled a White Paper in June officially pledging to defend the Falklands and declared there would be “no weakening” in the country’s resolve over the Falklands.
In one of the latest incidents Britain summoned Argentina’s ambassador to London on December 3 after masked men ransacked the offices of a shipping company in Buenos Aires, a move the Foreign Office alleged was aimed at deterring ships from visiting the Falklands.
A number of cruise ships have cancelled planned visits to the Falklands under pressure from Argentina.
Over the next three years Noble estimates it will be investing between 180m-230m dollars to develop its interests.

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