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TENSION: Britain and Argentina are engaged in diplomatic war over the Falklands' oil reserves [AP]
The Argentine Embassy in London tonight issued a statement warning British companies and individuals they face prison sentences of up to 15 years.
Fines equivalent to the value of 1.5 million barrels of oil–about £100million at current prices–would also be levied.
The move by Buenos Aeries is a major ratcheting of the tension in the region and has triggered a furious response by the Foreign Office reminding Argentina that the Falklands are British sovereign territory.
The new law means companies would also be banned from operating in Argentina and any oil found or exploration equipment would be confiscated.
The statement said the Argentine Embassy in London has already sent more than 200 letters to companies directly or indirectly involved and “warning them they are liable to administrative, civil and criminal actions in accordance with the laws governing such activities, including environmental protection laws”.
Argentina, which has previously made formal protests to London on the issue, believes exploration is “manifestly contrary to Resolution 31/49 of the United Nations General Assembly”.
Its statement said: "Early this morning the Argentine Congress passed a law establishing criminal sanctions to be imposed on companies and individuals involved in the illegal exploration and exploitation of hydrocarbons in the Argentine continental shelf.
“The law provides for prison sentences for the duration of up to 15 years; fines equivalent to the value of 1.5 million barrels of oil; the banning of individuals and companies from operating in Argentina; and the confiscation of equipment and any hydrocarbons that would have been illegally extracted.
“The Argentine Embassy in London has already sent over 200 letters to companies directly or indirectly involved in the aforementioned activities warning them that they are liable to administrative, civil and criminal actions in accordance with the laws governing such activities, including environmental protection laws.”
The UK government unequivocally supports the right of the Falkland Islanders to develop their natural resources for their own economic benefit
Tonight, the Foreign Office said in a statement: “Hydrocarbons activities by any company operating on the continental shelf of the Falkland Islands are regulated by legislation of the Falkland Islands Government, in strict accordance with the United Nations Convention of the Law of the Sea.
“As such these activities are wholly legitimate and legal.
“The UK government unequivocally supports the right of the Falkland Islanders to develop their natural resources for their own economic benefit.
“This right is an integral part of their right of self-determination, which is expressly contained in the International Covenant on Civil and Political Rights.
“Argentine domestic law does not apply to the Falkland Islands or South Georgia and the South Sandwich Islands, which are UK overseas territories.”
Argentina fought and lost a war to capture the South Atlantic islands in 1982.
Its troops invaded the Falklands but were thrown off after bitter fighting by a Royal Navy-led Task Force.
LAW: The Argentine Congress in Buenos Aeries passed new sanctions regarding Falkland oil today [ARGENTINE EMBASSY]
The war cost the lives of after 255 British personnel, three Falkland Islanders and about 650 Argentine troops.
Last year the Islanders almost unanimously voted to remain a UK Overseas Territory.
Oil firms are prospecting in the seas around the islands.
Premier Oil is expected to start taking its first oil from the Sea Lion field in2018.
The field is thought to have 394 million barrels of oil, making it bigger than most current North Sea oilfields.
DEFENCE: HMS Dauntless visited Port Stanley in the Falklands last year [PA]
But the director of Mineral Resources for the Falkland Islands Government, Stephen Luxton, said the Argentine law would have no impact.
He said: “The Argentine Government’s domestic legislation has no force in the Falklands. They have no jurisdiction over activities here.
“Our right of self-determination, recognised by the UN, includes our right to explore for and exploit off-shore resources such as fish and hydrocarbons.
“I do not think this law will have any effect at all on the companies working here. They have come to the Falklands well aware of the political situation and are obviously very comfortable with it otherwise they would not be here.”
