In its latest escalation of rhetoric over the disputed islands, Argentina said it had written to Falkland Oil & Gas (FOGL), Borders & Southern, Rockhopper, Desire Petroleum and Argos Resources on April 17, to «notify them of their illicit actions and their consequences».
Argentina said in March it planned to sue the explorers, but this is thought to be the first time this year it has written to them and the first time it has set a deadline. Legal letters have been sent to the companies in previous years, and in March were sent to banks who advised them, but no legal action has resulted.
Meanwhile, the head of Repsol in Argentina sold more than half his shares in the Spanish oil group ahead of Buenos Aires’ decision to expropriate its stake in YPF, which sent Repsol’s share price tumbling.
Antonio Gomis sold 9,424 shares in November at an average of more than €22 each, days after YPF discovered the huge Vaca Muerta shale gas field and also following Argentine government opposition to a YPF dividend payout. Shares in Repsol began falling in January as Argentine rhetoric turned against Repsol, and traded at €14.46 on Thursday.
Repsol said Mr Gomis acted lawfully and had no idea of the expropriation in November as Argentina was still broadly supportive. Mr Gomis sold the shares for private reasons, it said, and on the only day that Spanish law allowed in that quarter.
Argentina’s Economy Minister Hernan Lorenzino said on Thursday night that his country must seize control of YPF to boost production of the oil and natural gas needed to fuel economic growth.
«This decision is about energy self-sufficiency, which is very important for our country,» said Mr Lorenzino, a former finance secretary who took office in December.
Mr Lorenzino, 40, said the expropriation push also responded to Repsol’s «failure to fulfill its obligation to increase… reserves and production in a way that keeps up with growth and sustains Argentina’s economic activity.»
Argentina said in March it planned to sue the explorers, but this is thought to be the first time this year it has written to them and the first time it has set a deadline. Legal letters have been sent to the companies in previous years, and in March were sent to banks who advised them, but no legal action has resulted.
Meanwhile, the head of Repsol in Argentina sold more than half his shares in the Spanish oil group ahead of Buenos Aires’ decision to expropriate its stake in YPF, which sent Repsol’s share price tumbling.
Antonio Gomis sold 9,424 shares in November at an average of more than €22 each, days after YPF discovered the huge Vaca Muerta shale gas field and also following Argentine government opposition to a YPF dividend payout. Shares in Repsol began falling in January as Argentine rhetoric turned against Repsol, and traded at €14.46 on Thursday.
Repsol said Mr Gomis acted lawfully and had no idea of the expropriation in November as Argentina was still broadly supportive. Mr Gomis sold the shares for private reasons, it said, and on the only day that Spanish law allowed in that quarter.
Argentina’s Economy Minister Hernan Lorenzino said on Thursday night that his country must seize control of YPF to boost production of the oil and natural gas needed to fuel economic growth.
«This decision is about energy self-sufficiency, which is very important for our country,» said Mr Lorenzino, a former finance secretary who took office in December.
Mr Lorenzino, 40, said the expropriation push also responded to Repsol’s «failure to fulfill its obligation to increase… reserves and production in a way that keeps up with growth and sustains Argentina’s economic activity.»
