Argentina Condemns Falkland Islands Oil Project as Sovereignty Violation

An Argentinian expert has criticized plans to extract oil from a large field near the Falkland Islands. The project, estimated to cost £3 billion, is a collaboration between the British company Rockhopper Exploration and the Israeli firm Navitas Petroleum. Jose Cruz Campagnoli, a graduate of political science from the University of Buenos Aires, stated that the project, located near the British overseas territory in the South Atlantic, "is an act violating our sovereignty." Argentina has a long-standing dispute with the UK over the Falkland Islands and fought a war after invading the archipelago in 1982. The South American country, which refers to the islands as Las Malvinas, has previously condemned oil exploration in the area as illegal and sought international support against it.

In a column for AM 750 in Argentina, Mr. Campagnoli stated that Navitas Petroleum possesses an illegal license "granted by the Kelper Government of Port Stanley." He noted that in 2022, Argentina's Energy Secretariat "declared illegal the activities carried out by Navitas Petroleum on the Argentine continental shelf." Mr. Campagnoli further stated that Resolution 240 of 2022 declared the company illegal for conducting activities without permission and banned it from operating in Argentina for 20 years.

He added that the current government does not oppose the project, make claims in international forums, or promote legal actions against the companies. The Sea Lion field is located within the North Falkland Basin, 136 miles north of the Falkland Islands. An independent assessment increased the estimated recoverable oil from 791 million barrels to 917 million barrels. Rockhopper plans to extract 532 million barrels, a significant increase from previous estimates. Despite a ban on new oil and gas licenses by the Labour party, the Falkland Islands government has approved production, highlighting the territory's autonomy over its natural resources.

The ban does not apply to the Falklands, as it is self-governing except for foreign affairs and defense, which are the responsibility of the British Government. The Falklands have also declined to sign the Paris Agreement on climate change. Islanders are reported to have largely supported the exploration plans during a consultation last summer. Rockhopper holds a 35% stake in the venture, while Navitas Petroleum holds 65%. Rockhopper's last update indicated a final decision on the project was expected this year, with oil extraction planned for late 2027. The venture is expected to generate billions for the Falkland Islands and create numerous jobs for locals.