Argentina Takes Falklands Oil Fight to International Tribunal
Argentina Takes Falklands Oil Fight to International Tribunal Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… Argentina has moved its fight over Falklands oil from threats to the courtroom, asking an international maritime tribunal to halt development of Sea Lion, the islands’ first commercial oil project.
The government filed for provisional measures with the International Tribunal for the Law of the Sea on Tuesday, seeking to stop British-authorized hydrocarbon activity in the Northern Falklands Basin.
The specific project in question is Sea Lion, a 315-million-barrel development operated by Navitas Petroleum with Rockhopper Exploration.
The companies reached FIDlast Decemberand are targeting first oil in 2028.
Peak production is expected to be around 50,000 barrels per day.
The UK government said Argentina’s filing does not invalidate licenses issued by the Falkland Islands government or require oil development to stop.
Britain will participate in the tribunal proceedings and is also preparing legal measures to protect companies from Argentine sanctions and other domestic enforcement actions.
Argentina has been tightening the screws for weeks.
President Javier Mileiwarned in Septemberthat Argentina would take Britain to the maritime tribunal unless work on Sea Lion stopped.
His government has also proposed tougher penalties against companies and individuals involved in oil development around the islands without Argentine authorization.
That pressure has already reached the oilfield-services business.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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