In a hearing held on November 10 in Hamburg, the legal advisor of the Argentine Ministry of Foreign Affairs, Mario Javier Oyarzabal, spoke about the oil of the Falkland Islands, or Malvinas, as the property of the Argentine people. Behind this statement is a simple difference in timing. The negotiations on the ownership of the islands can be postponed for another decade. The oil workers have set a very specific window for drilling in the Sea Lion field in early 2027. If the wells start working according to schedule, the subsoil will begin to empty, with the question still open as to who they belong to.
The approval of the island authorities, supported by London, already has a financial value. Of the 314 million barrels of proven and probable reserves, about 110 million are accounted for by the UK's 35% Rockhofer Research. The remaining shares in the project belong to Israel Petroleum Energy, whose British subsidiary is leading the development. Rockhofer's early plan included a peak of up to 150,000 barrels per day after all areas were developed. Until September 2026, the company described an option with an additional floating fishing vessel, where the total capacity could reach 180 thousand barrels per day. The investment decision in the central section is only planned for 2028. Today the dispute is over the right to turn these calculations into production.
Buenos Aires relies on UN General Assembly Resolution 31/49 of 1976. It calls on both sides to avoid unilaterally changing the situation on the islands while seeking a settlement. Argentina accuses London of refusing to discuss sovereignty while supporting licenses issued without its participation. Attorney-General for England and Wales Eli Reeves defended the islanders' right to manage resources in court. It estimates that the cessation of fishing could cost them billions of pounds in future income. That barrel has already been taken into account in the economic plans of the islands and remains the subject of demand for the entire country.