Argentine President Javier Milei said he will sanction companies involved in the Sea Lion oil project off the Falkland Islands, targeting Rockhopper Exploration of the UK and Navitas Petroleum of Israel, which plan to begin drilling within months and target first oil in 2028. The Sea Lion field, around 220 km north of the islands, holds an estimated 1.7 billion barrels of recoverable crude.
Milei also announced new funding for a naval base in Tierra del Fuego and framed his push as backed by a US policy review, saying Washington recognises Argentina as a reliable partner. President Trump told reporters he always reviews every position and, in a separate interview, said Britain was not there to help during the US-led bombing campaign against Iran.
Rockhopper and Navitas said their valid Falklands-issued licences carry full UK government support and that recent developments are not expected to materially affect the project's timetable. UK ministers responded that the commitment to the islands is unshakeable and that self-determination extends to exploiting the islands' natural resources.