https://www.investing.com/news/stock-market-news/halliburton-pulls-out-of-falklands-oil-project-93CH-4930022
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Investing.com -- Halliburton (NYSE:HAL) announced on Friday it will not participate in the Sea Lion offshore oil project or any hydrocarbon exploration and production activities in or around the Falkland Islands.
The company said Argentine federal authorities questioned its potential involvement in the project and raised concerns about enforcement of existing and proposed legislation related to activities in the disputed territory, which Argentina refers to as the Malvinas.
The decision follows Argentine President Javier Milei’s push to strengthen the country’s claim to the Falkland Islands. In September, Milei introduced a bill designed to impose sanctions on companies operating in the Falkland Islands, a move that could increase tensions with the United Kingdom. The islands are controlled by Britain but claimed by Argentina.
The Sea Lion oilfield is located approximately 140 miles north of the Falkland Islands and contains an estimated 1.7 billion barrels of oil.