Malvinas: Argentina sues oil companies over Sea Lion drilling project
Milei government targets firms linked to Israeli Navitas Petroleum over oil exploration near the disputed islands La entrada Malvinas: Argentina sues oil companies over Sea Lion drilling project se publicó primero en Buenos Aires Herald .
Argentina has initiated a criminal lawsuit against five oil and gas exploration firms, including Navitas Petroleum Development & Production Ltd. and Navitas Petroleum Atlantic United, over the Sea Lion oil drilling project in the North Malvinas Basin. The project, led by Israeli company Navitas Petroleum, is located 220 kilometers north of Puerto Argentino, the capital of the Malvinas Islands, which Argentina claims as its territory.
The lawsuit stems from President Javier Milei's announcement to strengthen sanctions against the companies involved in the project, affecting stakeholders, investors, service providers, and other firms associated with the venture. The Argentine government contends that the firms hold licenses granted by the UK's illegitimate government for hydrocarbon exploration and exploitation in the North Malvinas Basin, which violates Argentine regulations.
Following Milei's televised message, shares of oil companies linked to the Sea Lion project experienced a decline over three consecutive trading days, with Rockhopper Exploration shares falling 11.54% and Navitas Petroleum shares dropping nearly 7%. The government aims to protect natural resources and safeguard Argentina's sovereignty over the Malvinas Islands, South Georgia, and the South Sandwich Islands, emphasizing that the defense of sovereignty must be exercised through legal and institutional tools.
Written by urgent.news from Buenos Aires Herald's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
