Argentina decree hits Sea Lion oil project partners; shares plunge

Argentina's decree targeting suppliers to the Sea Lion oil field in the Falkland Islands caused shares of Navitas Petroleum and Rockhopper Exploration to drop up to 10% on Tel Aviv and London exchanges. The measure affects banks and insurers linked to the project but not Vaca Muerta suppliers, as Harbour Energy sold its Falklands stake in 2022 to focus on Neuquén shale. This escalates Argentina's pressure on Falklands oil development, with financial market repercussions.