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Yes quite - Argentina and in particular Kirchner - have a long list of international companies who might well be bearing a grudge. Posted a while back but relevant:
Repsol (Spain) – In 2012 President Kirchner proposed the expropriation of 51% of Repsol shares in YPF. Long court case ensued and eventually Argentina were compelled to pay $5bn compensation.
https://www.forbes.com/sites/afontevecchia/2012/04/18/us-condemns-ypf-expropriation-as-spain-argentina-trade-war-nears/?sh=316fb9127352
Hess (USA) – US major global independent energy company, still run by the Hess family (one of the leading Jewish companies in NY). Never forgiven Argentina for the Hercules incident in 1982.
https://www.nytimes.com/1982/06/09/world/tanker-attacked-in-south-atlantic.html
DEM
Some people seem to think that RKH and Navitas may looking for another partner to help develop Sea Lion.
Wouldn't it be ironic if they could persuade the Spanish oil company Repsol to join them, after the way Argentina screwed them by nationalizing Repsol's Argentinian operations in 2012.
However as Reuters report:
“ MELBOURNE, Aug 17 (Reuters) - Australia's Santos Ltd (STO.AX) said on Wednesday it will move ahead with developing a $2.6 billion Alaskan oil project in a surprise decision that sent the energy producer's shares lower despite it posting a record first-half profit.”
We are in a different world now from when Sealion was first discovered.
Morning LTT - have a safe journey !
I think we all tend to view projects such as Sea Lion more or less in isolation forgetting that if SL was churning out 80,000 bopd then Argos becomes a no brainer - ditto the SFB fields like Darwin. It's all a question of timing as to when the 'knock on' effect starts to gain traction.
As I have mentioned before, whilst RKH is my largest holding in the O&G Sector, I do hold other companies as well including ECO Atlantic (possible multi bag in Q3/4), Kistos and Serica (two mid cap gas producers in the North Sea with exceptionally strong mngt teams).
Now the reason I am mentioning the above relates to one of the Comments made on LinkedIn concerning the appointment of Ian Ramsay. (Wow! Congratulations Ian. This is a key development for the people of the Falklands. This field is so good. I can't wait to see you and the team develop it. There's going to be tanker traffic anyway now with all the discoveries in Namibia! )
Tanker traffic - hmmm!
Now considering that the most desirable 'post code' in the World for O&G exploration and soon production is the never ending Exxon Discoveries in off shore Guyana, followed by some very prospective fields in offshore Namibia and the Orange Basin in South Africa (see Gazania-1 well spudding in Sept) - not forgetting Brazil - all of a sudden the South Atlantic begins to look extremely busy and the 'Go To' destination for production for the next 20 years.
The Falklands could surely become the Southern Hub for this new South Atlantic Region, rather than being currently perceived as in a far away, remote location on the edge of nowhere.
I reckon Gideon Tadmor knows exactly what he is doing !
DEM
“ Santos Energy has announced the final investment decision on the Pikka oil project in Alaska, which the Australian company expects to produce 80,000 bpd beginning in 2026.
The first phase of the development at the North Slope deposit will cost $2.6 billion, of which Santos’ share would be $1.3 billion, the company also said. The Australian energy major is partnering with Spain’s Repsol on the project.”
So large projects are getting signed off, however $2.6B for 80k per day seems a lot of money especially as for $1.3B they could have paid for the whole of SL revised Phase 1! Suppose it’s a chicken and egg scenario, but once SL gets FID the province is opened. We might even get some interest in our Southern acreage once SL development drilling starts!
Well I’m travelling back to the UK tomorrow 19th (no really!) so you can guarantee we get the OM news on the 19th, share price rallies to 35p per share on a £150m win, they drops back to 11p by the time I’m off the plane Friday evening! No figure eh! Oh well such is life! ;-)
LTT