Halliburton said Friday it will not participate in the Sea Lion offshore oil project or any hydrocarbon exploration and production activities in or around the Falkland Islands, citing concerns raised by Argentina authorities over criminal and civil enforcement of existing legislation, pending new criminal and civil legislation, and existing right-to-contract certification regulations. The decision follows Argentine President Milei's push to strengthen the country's claim to the Falkland Islands, which Argentina calls the Malvinas. In September, Milei introduced a bill designed to impose sanctions on companies, investors, and suppliers operating in the area, a move that could increase tensions with the U.K. The sovereignty dispute over the Falkland Islands has simmered for decades and sparked the 1982 war between Argentina and the U.K. The Sea Lion oilfield is estimated to contain roughly 1.7B barrels of oil.
Halliburton CompanyHalliburton exits the Sea Lion project, citing Argentine enforcement of existing and pending legislation and right-to-contract certification rules.
