Argentina's President Milei vows sanctions on oil firms operating near Falklands
President Javier Milei said Argentina will seek parliamentary approval to sanction companies that begin oil exploration near the disputed Falkland Islands, citing the country's claim to the territory.
Argentina's president announced plans to introduce legislation that would sanction energy firms beginning oil exploration near the Falkland Islands, a British overseas territory whose sovereignty remains contested. Milei said the Sea Lion oilfield, located about 130 miles from the islands and estimated to hold 1.7 billion barrels of oil, poses a "clear and present danger" and that Argentina cannot allow foreign companies to access it.
"If we do not act swiftly in a few months, they will have the material capacity to access the oil that lies underneath our sea – something that has never happened before," Milei told a cabinet meeting at the presidential palace.
The proposal targets British firm Rockhopper Exploration and Israeli company Navitas Petroleum, which are scheduled to start work in the field within two years. Argentina already has a law that permits restrictions on oil projects deemed unauthorized on the islands. The president also mentioned plans for a naval base in Tierra del Fuego and suggested that the United States might reassess its position on the dispute.
The UK government has not yet responded to the announcement. In a recent referendum, Falkland residents voted overwhelmingly to remain a British overseas territory.