Halliburton Shuns Falklands Oil Project
Navitas said the project remains on track as it replaces two contractors and expects Sea Lion to generate more than half of projected oil sales revenue.
- On Monday, Navitas Petroleum notified the Tel Aviv Stock Exchange that it is replacing two "contractors in breach" who refused to work on the Sea Lion project in the South Atlantic.
- The departures follow threats of sanctions from Argentina President Javier Milei, who last month revived historical sovereignty claims over the Falkland Islands, placing the project in an international dispute.
- Navitas maintains a 65% stake in the $1.8 billion Sea Lion project, which accounts for more than half of the $9.73 billion the partnership expects to generate from all its projects.
- Investor concern persists, driving the partnership's participation units down 15% over the past month, even as Navitas asserts it has full support from the United Kingdom and Falkland Islands.
- Unlike the Shenandoah Project in the Gulf of Mexico, Sea Lion relies on United Kingdom government backing, with production currently scheduled to begin in March 2028.
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Halliburton Shuns Falklands Oil Project
One of the world’s largest oilfield service providers has refused to get involved in the Sea Lion oil project off the coast of the Falkland Islands, amid a step-up in pressure from the Argentine president on the companies leading the work. Halliburton, in fact, refuses to take part in any oil or gas development around the contested islands. The company’s declaration of non-involvement follows contacts with the Argentine government, Halliburton h…
Halliburton rules out Sea Lion after Argentina raised criminal and civil enforcement
US oilfield services company Halliburton confirmed on Friday that neither it nor its subsidiaries will work on the Sea Lion project or take part in hydrocarbon exploration or production in or around the Falklands, after Argentine authorities raised the prospect of criminal and civil enforcement.
The Rosada House held that the company’s announcement was “the product of a work of the Legal and Technical Secretariat and the Chancellery”, amid the diplomatic conflict with the United Kingdom
This is Halliburton, the U.S. firm based in Houston, Texas. This week, the Argentine government formally notified the United Kingdom of the initiation of arbitration proceedings.
The United States Service Halliburton provided the Argentine Federal Petroleum and Gas Administration with updated information regarding its participation in the Sea Lion project near the Malvinas Islands. "Halliburton confirms that it and its subsidiaries will not carry out any work on the Sea Lion project or participate in the exploration or extraction of hydrocarbons in or around the Malvinas Islands", the company stated.
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