Argentina’s government said on Monday it will file criminal charges against energy company Navitas Petroleum and its executives for operating in the Falkland Islands.
– The move follows remarks on Friday by Argentine President Javier Milei, who vowed to sanction oil companies drilling in the British overseas territory as he stepped up the South American nation’s sovereignty claims.
– According to a statement from the presidency, Foreign Minister Pablo Quirno will file the criminal complaint against several Navitas subsidiaries and partners operating in the territory, along with their corporate directors.
– Navitas did not immediately reply to a request for comment.
– The government alleges the firms violated Argentine law by holding hydrocarbon exploration and exploitation licenses issued by the United Kingdom in the North Falkland Basin.
– Milei last week singled out the Sea Lion offshore oil project as he announced measures targeting companies involved in Falklands oil and gas activities, with penalties potentially extending to shareholders, directors, and suppliers.
– The Sea Lion field is operated by Tel Aviv-listed Navitas Petroleum, which holds a 65% stake. London-listed Rockhopper, also backed by Israeli investors, owns the remainder.
– First oil from Sea Lion is expected in 2028, when Phase 1, which Rockhopper and Navitas approved for development last year, comes on stream at a rate of 50,000 barrels per day.
– A Rockhopper spokesperson declined to comment on Argentina’s latest statements on Sea Lion and referred questions to Navitas.
– The companies have previously said the project holds valid licenses from the self-governing Falkland Islands and that they do not expect Milei’s comments to have a material impact on its development. They have also pointed to UK support for the project.
– Gideon Tadmor, a prominent figure in Israel’s energy sector and the company’s chairman, holds about 9% of its shares, according to LSEG data.