Argentina Cracks Down on Oil Companies Involved in Falkland Islands Development
Argentina has increased pressure on companies involved in oil development around the Falkland Islands, also known as the Malvinas. The islands are a longstanding point of contention between Argentina and the UK, with Argentina claiming sovereignty over them.
The country's President Javier Milei's press office released statements from Halliburton, SLB, and Baker Hughes confirming that these oilfield service companies have no involvement in oil development off the islands.
Argentina's Foreign Minister Pablo Quirno has been a vocal critic of energy companies involved in the emerging offshore industry. The country has also tightened its sanctions on firms operating in the Falklands.
Eduardo Elsztain, an Argentine businessman, holds about 2% stake in FIH Group Plc, parent of the Falkland Islands Company. He defended his investment, saying it was intended to deepen economic and commercial ties between Argentina and the islands, rather than undermine Argentina's sovereignty claim.
The dispute has been ongoing since 1982, when Argentina and the UK went to war over the islands. As the first offshore oil production from the Falkland Islands draws closer, the stakes have increased.