The Argentine government announced that it will file a criminal complaint against energy firm Navitas Petroleum and its executives over charges related to their operations in the Falkland Islands. This move follows statements made on Friday by Argentine President Javier Milei, who pledged to impose sanctions on oil companies drilling in the British overseas territory as he escalated his nation's sovereignty claims over the islands.
Subsidiaries and executives targeted
According to a presidential statement, Foreign Minister Pablo Quirno will file the criminal lawsuit against several Navitas subsidiaries and associated companies operating in the region, as well as their corporate directors. Navitas did not immediately respond to a request for comment from Reuters. The government maintains that the companies violated Argentine law because they hold licenses for hydrocarbon exploration and exploitation in the North Falklands Basin issued by the UK.
Sea Lion oil project at the center
Milei targeted the offshore Sea Lion oil project last week, announcing measures against companies participating in oil and gas activities in the Falklands. These sanctions could even extend to shareholders, executive management, and equipment suppliers. The Sea Lion field is operated by Tel Aviv-listed Navitas Petroleum, which holds a 65% stake, while London-listed Rockhopper, also backed by Israeli investors, holds the remaining stake.
First oil production set for 2028
First oil production from Sea Lion is expected in 2028, when Phase 1 of the project—whose development was approved by Rockhopper and Navitas last year—goes operational with an output of 50,000 barrels per day. A spokesperson for Rockhopper declined to comment on Argentina's latest statements regarding Sea Lion and referred inquiries to Navitas. The companies have previously stated that the project holds valid licenses from the self-governing Falkland Islands and that they do not expect Milei's statements to have a material impact on its development, while also pointing to UK support for the venture.
Gideon Tadmor's stake at 9%
Gideon Tadmor, a prominent figure in Israel's energy sector and chairman of the company, holds approximately 9% of its shares, according to LSEG data. The Sea Lion project is thus positioned at the center of a fresh dispute between Argentina and the UK over the Falkland Islands, with an Israeli oil company now facing potential criminal prosecution by Buenos Aires.
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