Navitas Petroleum to Acquire 2nd Production Vessel for Sea Lion Project

Navitas Petroleum has reached an agreement to buy a vessel for conversion into a second floating production, storage and offloading platform. According to Rigzone, the OSX1 unit will support the Central Development Area, a secondary phase of the Sea Lion oil field development in the Falkland Islands. The Israeli firm intends to finalize the $125 million purchase next month, excluding the subsequent costs required for technical modifications.

The total budget for this secondary development phase is estimated at $3 billion, with $1.15 billion allocated for the acquisition and retrofitting of the vessel. The new platform is expected to facilitate production of approximately 125,000 barrels per day. Navitas intends to submit its development blueprint to the local government with the goal of reaching a final investment decision by the first half of 2028.

Operations at the Central Development Area are scheduled to begin by 2030, following the initial North Development Area phase which is slated to start in early 2028. The company is currently preparing shore infrastructure and housing in the Falkland Islands to support drilling activities. Navitas holds a 65 percent operating stake in the project alongside Rockhopper Exploration, their partner based in the United Kingdom.

Beyond current development, Navitas is considering exploration drilling at adjacent licenses, including the PL001 area. The company reported that it will explore various "avenues for financing the upgrade" of the second production unit over the next year. This expansion coincides with ongoing shipyard preparations for the project's first vessel, which previously operated in the North Sea.