Argentina
Halliburton has ruled out working on the Sea Lion oil project near the Falkland Islands after Argentine federal authorities raised questions over potential criminal and civil enforcement related to hydrocarbon activities around the disputed territory.
The US oilfield services provider confirmed that it had been in contact with the Argentine authorities regarding any potential involvement in the Sea Lion project, and stated that neither Halliburton nor its subsidiaries would be conducting work on the project.
Halliburton also said that it does not participate in hydrocarbon exploration or production activities in or around the Falkland Islands, which are known as the Malvinas in Argentina.
This statement comes as the government of Argentine President Javier Milei steps up its response to hydrocarbon development around the islands, which are controlled by Britain but claimed by Argentina.
In September, Milei ordered a regulatory decree and proposed new legislation in response to the Sea Lion development. Argentine authorities subsequently opened sanction proceedings against 45 individuals and legal entities suspected of involvement in hydrocarbon exploration and production around the islands.
Halliburton said that the Argentine authorities had raised questions about the criminal and civil enforcement of existing legislation, the pending new criminal and civil legislation, and the existing right-to-contract certification regulations.
Sea Lion is operated by Navitas Petroleum, which holds a 65% interest, while Rockhopper Exploration owns the remaining 35%.
Rockhopper estimates that the Sea Lion discovery contains approximately 1.7 billion barrels of oil in place, including 500 million barrels of independently audited 2C recoverable resources.
Argentina has opposed offshore hydrocarbon exploration around the Falkland Islands since drilling activity resumed there in 2010, when Buenos Aires formally protested the operations and challenged the legitimacy of UK-issued exploration licences in the disputed area.
