UK oil-and-gas explorer active in the Falklands basin
Argentina has declared the Falkland Islands historically and legally Argentine and is moving to sanction oil firms operating there. The UK maintains its unwavering commitment to the islanders’ right to self‑determination, while the US signals it may reassess its stance on the territory amid high geopolitical tension.
Argentina’s president has announced sanctions on firms involved in the Sea Lion offshore oil project, threatening penalties for shareholders and directors. The two owners, Navitas and Rockhopper, have Israeli links. Sea Lion’s first oil is projected for 2028 with a $2.2 billion capex. Navitas and Rockhopper say licences are valid and unchanged by the threat.
Argentina's president Javier Milei has reasserted Argentina's claim to the Falkland Islands, said he will punish companies drilling near the islands and ordered investigations into 45 entities linked to hydrocarbon exploration. The UK and Falkland Islanders have reiterated their support for self‑determination, while companies involved in the Sea Lion oil project have said development will continue.
Argentina has escalated its sovereignty push around the Sea Lion oil field near the Falkland Islands. Milei’s govt has filed sanctions and legal actions against firms involved, threatens the UN-backed tribunal, and vows to defend sovereignty. The UK asserts islanders’ self-determination and resources rights.