[ROCKMAN]

"60 billion barrels of oil lie under the ocean around the Falkland Islands, say experts . . ." Big deal: there's more oil then that just under Texas. Granted most of it is residual oil left in now abandoned fields that can't be commercially produced. Now when they have a few billions bbl of PROVED PRODUCING RESERVES off the Falkland Islands we'll have something serious to discuss.

[dolanbaker]

http://www.bbc.com/news/business-32354222
Argentina has begun legal proceedings against three British and two US companies for drilling oil near the Falkland Islands.

Daniel Filmus, Argentina's minister for the islands - called the Malvinas locally - announced the case in London.

The companies involved are Falkland Oil and Gas, Premier Oil, Rockhopper, Edison International and Noble Energy.

Mr Filmus told the BBC the companies were "performing illegal acts by entering Argentine territory".

He added: "I want to make it clear for the directors of these companies and for British public opinion that Argentina will use the full force of the law - both national and international law - to prevent these countries from taking the riches which belong to 40 million Argentine citizens.

"Argentina has extradition treaties around the world and we intend to use them."

He added that the area being drilled was "as much ours as the centre of Buenos Aires. Neither the UK nor any other country would allow anyone to enter their territory and take away their riches."

Strange timing for such an action, just as most of the exploration companies are packing up due to the lower prices right now. Could it just be a case of using the drop in price and abandonment of exploration to claim a "victory" in the near future, by saying that their "legal action" scared the oil explorers away!

[rockdoc123]

bit silly I think. As I remember the people of the Falklands held a referendum and chose unanimously to remain under British rule.
This is all about Christina craziness (she is certifiable) and the panic the Peronists face with upcoming elections. She can't run again although she tried to change the constitution to do so. She would like her son to run although pretty much everyone realizes he is almost certainly the dullest knife in the drawer. The mayor of Buenos Aires is likely the primary candidate and he is pretty much against a lot of the nonsense that the Kirshner aristocracy held dear. Would not be a perfect solution to get the country out of it's economic woes but a least a step in the right direction.
Now would be a good time to pull out that old episode of Top Gear where Jeremy Clarkson specifically thumbs his British nose at Her Highness (a term that most Argentines give Christina tongue in cheek). A good characterization of her attitude although I prefer puta del diablo...seems more fitting.
What I always found striking was that Argentines as a whole (certainly the business class) think their government is completely insane. They are probably the most resigned to their fate but resilient people I've ever run across. The rampant inflation has caused them all to spend every penny they earn simply because tomorrow it is worth less...which of course just creates more inflation. The good friends I have there simply shrug and say "what do you do?" they are resigned to their fate under Peronist rule.
One of the worlds most beautiful countries, diverse, friendly, great weather, fantastic fly fishing, wine and beef. It is the one of the worlds largest sources of soy. Yet the economy is completely screwed and all Christina can do in response is play the slight of hand with the Malvinas argument. She has done this regularly when backed into a corner politically.