
Argentine President Javier Milei on Monday instructed the foreign ministry and the government's legal teams to launch international arbitration proceedings against the United Kingdom over the development of the Sea Lion oil project in the basin north of the Falklands, and gave London two weeks to halt the activity before Argentina turns to the International Tribunal for the Law of the Sea.
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The Falklands Planning and Building Committee has approved two projects tied to the sectors that underpin the Islands' economy: fishing and hydrocarbons.

Argentina's government warned that it could fully exercise all available actions over plans to develop an oil field near the Falkland Islands, in a fresh escalation of the sovereignty dispute. The Foreign Ministry declared the plans of Britain's Rockhopper Exploration unlawful and described that company and its Israeli partner, Navitas Petroleum, as clandestine, after the Sea Lion project moved from exploration into development.

Argentine President Javier Milei warned Thursday that his government will respond with all necessary diplomatic measures to protect the country's interests in the face of the advancing Sea Lion oil project, operated by Rockhopper Exploration and Navitas Petroleum in the North Falklands Basin. The remarks, delivered during the ceremony marking the 44th anniversary of the war, represent the Milei government's firmest stance yet on a project that has just cleared a decisive financial milestone.

Argentine President Javier Milei on Thursday reaffirmed his country's sovereignty claim over the Falklands Islands, warned of a diplomatic response to British oil exploration in the area, and announced that 10% of fiscal revenue from privatizations will be allocated to purchasing weapons and equipment for the armed forces.

Eco (Atlantic) Oil &Gas Ltd, the Canadian exploration company focused on the offshore Atlantic Margins, announced that Navitas Petroleum LP (“Navitas”), with whom Eco signed a Framework

Argentina has reportedly put on hold its plan to relocate its embassy in Israel to Jerusalem after diplomatic friction linked to offshore oil drilling near the Falkland Islands, Israeli broadcaster Channel 12 reported over the weekend.

Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin (“NFB”), has announced it has put in place an insurance policy to cover the event that the Italian Republic succeeds in its attempt to have the Rockhopper Ombrina Mare Arbitration Award annulled and has also signed a share purchase agreement with Zodiac Energy Limited to exit its other Italian assets.

The Israeli/US company preparing to extract oil from Falkland Islands waters, Navitas Petroleum Development and Production Ltd. (Navitas) has issued a revised Environmental Impact Statement (EIS) concerning its proposals for the drilling of oil wells and offshore production from the Sea Lion Field Northern Development Area, Phase 1 and 2, which includes additional information on atmospheric emissions.

Following the approval at an extraordinary sitting of the Executive Council on Monday 17 June, the Falkland Islands Government has begun a public consultation from Monday 24 June to Monday 5 August 2024, on the Environmental Impact Statement (EIS) for the Sea Lion Field Northern Development Area, Phase 1 and 2, which Navitas Petroleum Development and Production Limited have submitted.