Halliburton rules out involvement in Sea Lion oil project amid Argentina scrutiny

By Reuters News

Oct 2 (Reuters) - Halliburton HAL.N said on Friday it has informed Argentine authorities that it will not work on the Sea Lion offshore oil project or participate in hydrocarbon exploration and production activities in or around the Falkland Islands, known in Argentina as the Malvinas.

The oilfield services provider added that the Argentine federal authorities raised questions regarding the company's potential involvement in the project and the enforcement of existing and proposed legislation related to activities in the disputed territory.

Here are more details:

  • The statement comes as Argentine President Javier Milei steps up the country's claim to the Falkland Islands by announcing plans to sanction companies involved in oil development around the British overseas territory.

  • In September, Milei presented a bill to crack down on companies operating in the Falkland Islands, potentially escalating tensions with the ​United Kingdom over the territory that is controlled by Britain but claimed by ‌Argentina.

  • The Sea Lion oilfield, which lies about 140 miles north of the Falkland Islands, is estimated to hold 1.7 billion barrels of oil.

  • Argentina has opposed the project since its discovery in 2010, when it declared drilling at the field illegal.

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