Falkland Islands authorities have extended their oil production licenses by five years despite Argentina's sanctions

Falkland Islands (islas Malvinas) authorities have extended their oil production licenses by five years, despite Buenos Aires' intention to toughen sanctions regarding field development in the disputed territory, the newspaper La Nación reported.

According to the outlet, the authorities announced that they are "extending all offshore hydrocarbon production licenses for five years, with an additional two-year option at their discretion."

Furthermore, they confirmed that the decision has "the full support of the UK Government." However, they did not specify the number of companies covered by the license renewals.