Falklands Oil Rush: Sea Lion Project Fuels Geopolitical Tensions and Argentina's Push Toward Ushuaia
In a nationally televised address on September 3, 2026, Argentine President Javier Milei announced a decree to boost defense spending, prioritize a naval base in Ushuaia, and sanction oil companies operating around the Falkland Islands. Rockhopper and Navitas defended their licenses as legal, while opposition leaders accused Milei of opportunism. The Sea Lion project, a $1.8 billion offshore development, remains on track for first oil in early 2028.