The Companies and Shareholders Argentina Will Sanction Over Operations in the Falklands

Argentina’s government confirmed it will take legal action against companies and shareholders allegedly involved in illegal hydrocarbon activity around the Falkland Islands. The Casa Rosada has identified 45 corporate and individual targets from several countries, including the United Kingdom, Israel, Canada, the United States and the Netherlands.

The Foreign Ministry ordered the proceedings on Friday under instructions from President Javier Milei. In a government statement signed by Milei, officials said the investigation would examine possible violations of the prohibitions established under Article 2 of Law 26.659. The law concerns exploration and exploitation of hydrocarbons in the Falklands, which Argentina claims as its own.

The list includes Navitas Petroleum Development and its British operating subsidiary, Navitas Petroleum Atlantic Limited. The subsidiary handles offshore projects such as the one being developed in the South Atlantic. The government will also target Israeli companies and individuals who hold shares in Navitas, including Harel Insurance Investments & Financial Services, Migdal Insurance and Financial Holdings, Phoenix entities, Meitav Investment House and several individual shareholders.

Rockhopper Exploration Limited, listed through separate hydrocarbons and oil entities in the United Kingdom, also appears on the list. Its shareholders, including Israel’s Noked Capital, Britain’s Aedos Advisers, Exodus Management Israel, Ion Fund Management, Samuel Moody and William Rees Perry, will face sanctioning proceedings as well.

Navitas Petroleum and Rockhopper Exploration are the two companies behind the Sea Lion project, located 220 kilometers north of the Falklands and mentioned by Milei in his national address. The government also plans proceedings against shareholders of Borders & Southern, which operates in the islands under licenses granted by what Argentina calls the islands’ illegitimate administration. The source article ends while detailing that part of the list.

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Today, on the President’s instructions, the Argentine Foreign Ministry ordered the initiation of sanctioning proceedings against 45 individuals and legal entities to investigate and sanction violations of the prohibitions established in Article 2 of Law 26.659, as they may be conducting activities linked to hydrocarbon exploration and exploitation in our Falkland Islands.