RE: RE: Subscription1 Apr 2022 10:36
Hi Gus 1, this is another Gus. Oil price was around 110 usd in 2012 and 98 usd in 2013, there were interested parties in the Falklands with RKH but not us unfortunately. Premier oil farmed in, at that time however oil was king and we had liquid gas which was viewed at that time- an inferior asset. Over the years that followed as you know, oil/condensate prices slumped over the years with the worldwide recession, pandemics etc. Now though its a completely different world, liquid gas is the asset that all and sundry need- especially Europe. Germany are building vast storage assets to hold liquid gas, as are others due to the Russia situation- never again will Europe rely on Russia or use them for all their requirements.
Current large finds such as Darwin are rare, given the downsizing in operations over the years and severe lack of exploration and investment. The big boys will be sniffing out discoveries that can be monetised rather than exploration, especially expensive deepwater ones.
Argentina are a rogue state, unreliable partners for many who nationalise assets at a whim. They will continue screaming and shouting for eternity, but that will be all it is only. I suspect a change of government may accept the status quo over there one day. Does it exclude some majors from dealing with the FI? -Yes definitely but there are a huge amount of companies that either have no presence in Argentina or who will take the risk anyway for a huge asset like Darwin.
I am absolutely confident that this will be our year.