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Navitas, Rockhopper take FID on Falklands US$2.1Bn Sea Lion
Navitas Petroleum and Rockhopper Exploration have taken the final investment decision on a major oil development, requiring subsea networks connected to a leased FPSO in the North Falkland Basin in the South Atlantic
A floating production storage and offloading (FPSO) system, deepwater drilling rig and subsea installation fleet will head to the Falkland Islands after an investment decision was made to develop the Sea Lion oil field.
Navitas Petroleum and Rockhopper Exploration have taken the final investment decision (FID) on this major oil development in the North Falkland Basin in the South Atlantic. The development project will be undertaken in phases, to link subsea wells to a leased FPSO via a network of seabed umbilicals, flowlines and risers, with offshore work starting in 2026.
The Falkland Islands government has approved the field development and production programme for Phases 1 and 2 of the northern-development area within the Sea Lion field.
The total post-FID funding requirement for this project to first oil is US$1.8Bn and to project completion it could be US$2.1Bn. Phase 1 targets 170M barrels of oil and is expected to have peak production of about 50,000 b/d.
Subsequent phases are expected to be self-financing using the excess cash flows of Phase 1, with Phase 2 resources forecast at 149M barrels.
Bluewater’s Aoka Mizu FPSO has been lined up for the first two phases of this project and will be mobilised from where it has been laid up since completing production on the Lancaster field, west of Shetland, to the Falklands.
Navitas, as operator, has entered into several key commercial contracts for a drilling rig, completion services and for the engineering, procurement, construction, installation and commissioning of subsea umbilicals, risers and flowlines.
The next step will be contracting anchor handling tugs and platform supply vessels to support operations over the rest of this decade. After well drilling and installing subsea structures, first oil production is currently planned for 2028.
“The sanctioning of Sea Lion is a major milestone for Rockhopper and all its stakeholders and represents the culmination of over 20 years of work,” said Rockhopper Exploration chief executive Sam Moody.
Sea Lion was first discovered in 2010 and since then there has been a vast amount of work, including many years of engineering and commercial refinement to get to FID.
“Much remains to be done as the partnership progresses the project and executes the significant amount of work required to deliver first oil,” said Mr Moody. “Now we look to continue to unlock value for all our stakeholders.”
Further phases and development of the almost 1Bn barrels of resources in Sea Lion are planned, requiring at least one other FPSO, more wells and subsea infrastructure.
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