Major oil boss update as huge £1.55bn Falklands project approved despite Argentina threats

An oil boss has welcome the Government's green light to a major project in the Falkland Islands despite threats from Argentina. The Foreign Secretary, Ed Miliband, gave the go ahead earlier this week for the Sea Lion oil project , which was put forward by London-based Rockhopper Exploration and Israel-based Navitas Petroleum (NPDP) with a reported projected cost of £1.55billion. The field was discovered in 2010, and phases one and two of the operation were already approved by the The Falkland Islands Government, which has granted exploitation licenses valid for 35 years. On September 28, Argentina's President, Javier Milei, posted on X: "DEFENDING WITH FACTS. I instructed the Foreign Ministry and our legal teams to initiate international arbitration against the United Kingdom for the illegal plundering of our resources through the Sea Lion Project in the North Malvinas Basin. If in 2 weeks the United Kingdom does not halt the illegitimate exploitation, we will go to the International Tribunal for the Law of the Sea. "THE MALVINAS ARE ARGENTINE and they are defended with facts, not words. VLLC!!!" The International Tribunal is an independent body in Hamburg responsible for the application of the United Nations' Convention on the Law of the Sea. Now, Ian Ramsay, CEO Navitas Petroleum Development and Production Ltd., has told the Express: "We welcome the Minister’s statement of support for the Sea Lion project that will secure existing and create new jobs and bring significant economic benefits to both the FI and the UK. In the face of Argentina's increasingly aggressive efforts to pressure companies associated with the development, we are grateful that the UK Government has made its position clear; that it will robustly defend the Falkland Islands' right to pursue lawful economic development." It comes after Conservative Shadow Foreign Secretary, Tom Tugendhat, accused Labour of being "absent". He previously told the Express: "Our foreign secretary preaches international law when it hurts Britain but won’t use it to protect us. Businesses operating around the Falkland Islands are looking for help against aggression but instead the Foreign Secretary is silent. "The Conservatives defend Britain, Labour is absent." The Chair of the Falkland Islands' Legislative Assembly, Jack Ford MLA, previously told the Express that the territory is pursuing a "very ambitious" infrastructure policy. He added regarding the Sea Lion scheme: "I think it is a positive thing for the long-term economic future of the Falklands, and that long-term economic stability." When asked if large-scale projects of this nature could mean Argentina sees the islands as a more valuable asset, Mr Ford said: "We're always mindful of all potential risks as part of the project." He added: "We're working closely with the UK Government on this project, and the work required to ensure its success, and we'll continue to do so."