Overview
- The Falkland Islands government approved the Sea Lion development and production plan, shifting licences into a 35‑year exploitation phase.
- Rockhopper and Navitas said their boards approved a final investment decision and reported receiving all necessary approvals.
- Phase 1 foresees up to US$2.1 billion in investment with first oil targeted around 2028 and an estimated output near 55,000 barrels per day.
- Tierra del Fuego officials condemned the move as unilateral and illegal and urged Argentina’s Foreign Ministry to pursue diplomatic and legal action, including convening the National Malvinas Council.
- Argentina previously sanctioned Navitas in 2022 with a 20‑year ban on hydrocarbon activity in its territory, and the national Foreign Ministry had not commented at the time of reporting.