The oil services company SLB, one of the largest in the sector globally, announced this Saturday that it will not participate in any activity in the Falkland Islands, following the reinforcement of the sanctions imposed by Argentine President Javier Milei against those who intervene in oil extraction projects in the archipelago "without authorization" from Buenos Aires.
The multinational, headquartered in the United States, formerly known as Schlumberger and present in 100 countries, has made its position public through an official statement in which it explains that its decision responds to the new regulations of the Argentine Government, released last Friday, which foresees penalties for companies that carry out hydrocarbon activities in the Falkland Islands and their adjacent waters without the authorization of the Argentine authorities.
In this regulatory framework, SLB has stated that "it is not participating nor does it plan to participate in bidding processes aimed at providing services for hydrocarbon projects in the Falklands, as well as in the surrounding maritime areas."
Similarly, the company has emphasized that "SLB reaffirms its commitment to compliance with current regulations."
Alongside SLB, two other major firms in the sector have decided to adopt the same stance and not engage in initiatives related to the archipelago, according to Argentine Foreign Minister Pablo Quirno. These are Halliburton and Baker Hughes, considered by the minister himself as the second and third largest oil services companies in the world.
Milei announced this Thursday that he will sign a decree to accelerate the tightening of sanctions aimed at those who get involved in hydrocarbon exploitation projects in the Falkland Islands "without authorization" from Buenos Aires. In parallel, he announced the promotion of the construction of an integrated naval base in the province of Tierra del Fuego, at the southern tip of the American continent, as well as the improvement of telecommunications capabilities in the area.
The president also advanced that he will strengthen early detection systems and information exchange channels with the aim of facilitating the application of sanctions against companies that develop this type of operations, in addition to their shareholders, executives, and suppliers. He added that he will proceed to "disqualify from operating in Argentine territory the companies directly or indirectly involved in projects in the Malvinas Islands without Argentine authorization."
The package of measures is part of the historic claim of sovereignty that Argentina maintains over the Malvinas Islands and the maritime spaces that surround them, currently under the administration of the United Kingdom.