Overview
- The Government of the Falkland Islands officially extended all existing offshore hydrocarbon production licences for an initial five years with a two‑year option, and approved Navitas Petroleum’s stake in licence PL001, a decision the islands said has full UK support.
- Argentina presented a formal diplomatic protest at the United Nations after the licence move and has warned it will use diplomatic, administrative, economic, judicial and criminal measures against those it says participate in illegal exploitation.
- President Javier Milei used his UN General Assembly speech to denounce oil exploitation around the islands as illegitimate and to reiterate sanctions and a bill before Congress to harden sovereignty protections.
- Companies working on the Sea Lion project — led by Navitas (65%) and Rockhopper (35%) — maintain their licences were lawfully granted and are proceeding with plans for appraisal and 2028 production targets, while the Falklands said extensions require stronger work programmes and new appraisal wells.
- Argentina signalled a concurrent shift in international alignment by preparing to announce a U.S.‑backed infrastructure financing package reported at about US$7 billion that could boost Argentine export capacity and change regional economic leverage in the dispute.