ABC · October 5, 2026

Halliburton Abandons Oil Project in the Malvinas Islands, and Rockhopper's Stock Plummets

The oilfield services company Halliburton announced that it will cease operations on the Sea Lion project, located in waters near the Malvinas Islands, after the Argentine government warned it of new civil and criminal regulations applicable to those who exploit natural resources in the area without authorization from Buenos Aires. The decision immediately affected Rockhopper, the company in charge of the project, whose shares fell nearly 19% during the trading day, dropping from 62 to 48.75 pounds.

Rockhopper issued a statement confirming the withdrawal of two contractors—without directly naming Halliburton—and assured that it would continue developing the field with the support of the authorities on the islands and in the United Kingdom. The company stated that “no material adverse effects on the project are expected,” although investors’ reaction suggested otherwise. The incident comes amid a campaign by President Javier Milei, whose government has taken the case to international bodies and set a two-week deadline to halt operations before invoking the UN Convention on the Law of the Sea.

Via ABC