Sea Lion projects over US$10.9 billion for Falkland Islands economy

The Sea Lion oil project, driven by Navitas Petroleum and Rockhopper Exploration north of the Falkland Islands, could generate a cumulative economic impact exceeding US$10.9 billion over approximately 30 years.

According to the projections released, phases 1 and 2 of the development would add approximately US$10.942 billion to the islands' gross domestic product throughout its useful life.

The report also estimates that the project could contribute nearly US$4.869 billion to the island administration. Exploitation would have effects on the productive structure, fiscal revenues, and demographic evolution of the archipelago.

Sea Lion became the center of a dispute over the islands' resources after the Argentine Government announced new sanctions against companies participating in hydrocarbon activities in the area.

The development is promoted by Israeli company Navitas Petroleum together with British firm Rockhopper Exploration. The economic estimates correspond to a study conducted for Navitas and published on its institutional website.

Based on information from Ámbito — Energía.