In Buenos Aires in 1903 Larsen came into contact with two leading businessmen who showed an interest in his ideas of whaling. Don Pedro Christophersen, Norwegian expat shipping magnate and consul to Denmark and Russia, recognised Larsen’s vision. He introduced Larsen to Herman Schlieper, German-born financial director of Tornquist Bank, a major bank in Argentina. They worked together to develop plans for an Argentinian company with a whaling station in South Georgia and ships flying the Argentinian flag. The company would be called Compañia Argentina de Pesca Sociedad Anónima (Pesca).
The establishment of a whaling company in South Georgia made waves across the whaling industry. Larsen organised the construction of a whaling station at Grytviken in 1904, introducing a new era of shore-based whaling. The first oil was produced on Christmas Eve 1904 and within a few years the Antarctic was producing about 70% of the world’s oil.