Courtesy Navitas Petroleum's Environmental Impact Statement, July 2024
The FPSO and phases 1 and 2 development field layout for the Sea Lion Field project
Courtesy Rockhopper Exploration Plc
Navitas Petroleum has entered various FEED agreements for Phase 1 of the planned Sea Lion oil development in the offshore North Falkland basin.
According to partner Rockhopper Exploration, these include a memorandum of understanding for an FPSO currently operating in the North Sea, and other agreements concerning subsea equipment.
Navitas aims to take FID on the project in mid-2025, with estimated capex to first oil of about $1.4 billion.
The information is contained in a recently updated North Falkland Basin resource report conducted by Netherland Sewell & Associates for Navitas.It follows work to mature the area’s discovered resource base.
The report outlines the following developments:
Northern area phases 1 and 2 to be developed using the redeployed and upgraded FPSO, likely to be contracted upon securing FID; and
Northern area Phase 3 and Central Area phases 1 and 2 to be developed using a larger replacement FPSO.
Total barrels developed (all phases) are estimated at 730 MMbbl, with Phase 1 and Phase 2 delivering peak production of 55,000 bbl/d. This would rise to up to 150,000 bbl/d once all phases have been developed.
