DistantNews
Support us
🇦🇷 Argentina /Economy & Trade

Oil services giant SLB confirms it will not take part in Malvinas activities

From La Nación · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • SLB said it is not participating and does not plan to bid on hydrocarbon service projects in the Falkland Islands or nearby maritime areas.
  • The company linked its decision to Argentina's Decree 868/26, which targets unauthorized hydrocarbon activity in the islands and surrounding waters.
  • President Javier Milei announced tougher sanctions, a naval base in Tierra del Fuego and a proposed sovereignty law in a national address.

SLB, the world's largest oilfield services company, says it will stay out of hydrocarbon projects in the Falkland Islands and surrounding maritime areas.

The US-based company, formerly known as Schlumberger and present in 100 countries, confirmed the position in a statement. It said the decision follows Executive Decree 868/26, published in Argentina's Official Gazette on Friday.

SLB is not participating and does not plan to participate in bidding processes for the provision of services to hydrocarbon projects in the Falkland Islands or the surrounding maritime areas.

· SLBThe company stated its position after Argentina adopted tougher sanctions on unauthorized hydrocarbon activity.

The decree targets companies carrying out hydrocarbon activities in the Falkland Islands and the corresponding maritime areas without Argentine authorization. It also requires companies to submit a declaration confirming compliance with the law if they want access to benefits under the RIGI investment regime or to permits, concessions and other authorizations.

“SLB is not participating and does not plan to participate in bidding processes for the provision of services to hydrocarbon projects in the Falkland Islands or the surrounding maritime areas,” the company said. “SLB reaffirms its commitment to complying with the regulations in force.”

SLB reaffirms its commitment to complying with the regulations in force.

· SLBThe company explained its decision by referring to Argentina's new decree.

The statement followed Milei's national address, in which he said, “The Falkland Islands are Argentine by history and by right: there is no debate about that.” He argued that Argentina must use diplomatic, economic, judicial and legal tools to defend its sovereignty and resources. Milei also announced plans for a naval base in Tierra del Fuego, tougher sanctions on foreign companies operating in the archipelago and a bill on national sovereignty.

He criticized the development of Sea Lion, an offshore project around 220 kilometers north of the archipelago, saying it was advancing without Argentina's authorization. The article ends during Milei's warning that action was needed before the project could appropriate the oil reserves beneath the sea.

The Falkland Islands are Argentine by history and by right: there is no debate about that.

· Javier MileiThe Argentine president made the statement during a national address on sovereignty over the islands.
About this summary

Originally published by La Nación in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog