Argentina Moves To File Criminal Charges Against Navitas Petroleum Over Falklands Drilling

According to the BBC, the Argentine government said it would file criminal charges against Navitas Petroleum for operating in waters off the Falkland Islands. The move came days after President Javier Milei said he would sanction oil companies drilling in the British overseas territory in the south-west Atlantic Ocean. Navitas, which is listed in Tel Aviv, holds a 65% stake in Sea Lion, an offshore oil project due to start production in the North Falkland Basin in 2028. The Sea Lion oilfield, about 130 miles (209 km) from the Falkland Islands, is estimated to contain 1.7 billion barrels of oil. Milei said drilling in the area would violate Argentine law banning resource exploitation without approval from Argentine authorities. The British government dismissed Milei's speech and said its position on the Falklands was unwavering. Navitas has not yet responded to the latest statement, but said last week that Milei's remarks were not expected to have a material effect on development activities at Sea Lion, including the timetable for completion. Rockhopper, which owns a partial stake in the project, has also not commented.