Rockhopper Defies Argentina's Milei Threats Over Sea Lion Oilfield Plans

A British-based oil exploration company, Rockhopper, has defended its plans to extract oil from a project near the Falkland Islands despite threats from Argentina's President Javier Milei.

Milei said he would sign decrees to introduce sanctions against any companies working on oil production in the area, declaring the Sea Lion oilfield a 'clear and present danger' to the country's claims.

Rockhopper, which owns 35% of the project, operates pursuant to valid petroleum licences lawfully granted by the government of the Falkland Islands, a self-governing UK Overseas Territory, with the full support of the UK Government.

The company stated that it does not expect threats from Argentina to have a 'material effect' on its offshore oil project, which is expected to start delivering oil in 2028. The first phase of development on the project is estimated to cost around $2.1 billion US dollars and will take a 9% royalty on revenues.