Rockhopper Exploration

Halliburton has refused to take part in the Sea Lion oil project off the coast of the Falkland Islands, and says it will not participate in any oil or gas development around the contested islands. The oilfield service provider said its decision followed contacts with the Argentine government that raised "questions concerning criminal and civil enforcement under existing legislation, proposed new criminal and civil measures, and regulations governing right-to-contract certification." The Sea Lion discovery was made in 2010 by UK-based Rockhopper Exploration, with reserves estimated at some 315 million barrels of recoverable sweet crude and peak production seen at 50,000 barrels daily; Israeli Navitas Energy took over operatorship with a 65% stake in 2021, and the final investment decision came in December last year, with first oil expected in 2028. Argentine President Javier Milei threatened last month to impose sanctions on companies drilling near the Falklands, and later in September said he had instructed the Foreign Ministry and legal teams to initiate international arbitration against the United Kingdom, warning that if the UK did not halt what he called illegitimate exploitation within 2 weeks, Argentina would go to the International Tribunal for the Law of the Sea. Halliburton's declaration is the latest example of Argentine pressure, which analysts link to Buenos Aires' own energy expansion plans driven by the Vaca Muerta shale formation, where Rystad Energy sees crude production potentially hitting 1 million barrels daily by 2030.