Falklands : Repsol YPF, Enarsa Deal Good for Falklands Oil Exploration
Submitted by Falkland Islands News Network (Juanita Brock) 15.01.2006 (Article Archived on 29.01.2006)
Mrs. Phyl Rendell of the Department of Mineral Resources says that the new business deal will generate more interest for the whole region.
REPSOL YPF, ENARSA DEAL GOOD FOR FALKLADS OIL EXPLORATION
An Editorial by J. Brock (FINN)
News that Spanish oil giant, Repsol YPF and Argentina’s State Energy firm, Enarsa were going into an exploration partnership was greeted with cautious optimism in the Falklands with Department of Mineral Resources head, Mrs. Phyl Rendell, saying that the potential for generating interest in the area as a whole was a good thing. She confirmed that the new business partners will not be exploring in the Falklands zone but in areas normally explored by Argentine contractors from a point off Uruguay to the edge of the areas controlled by the Falklands. She also pointed out that none of the business partners mentioned in Wednesday’s announcement have applied recently for any exploration licences in the Falklands area.
Hopefully, all going well, hydrocarbons will be found in both areas, thus generating respite for the world’s dwindling oil supplies and bringing in much needed revenue for both Argentina and the Falkland Islands.
Seeing that the geology of the seabed is blind to political considerations, renewed interest in the North Falkland Basin as well as the Malvinas basin on the Argentine side should bring investors who are interested in funding the detailed 2D and 3D seismic needed to identify the region’s hydrocarbons hot spots.
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