With the first phase due to commence in 2028, an oil project in the North Falkland Basin (NFB) is looking to accelerate capacity enhancement through later-stage development in the Falkland Islands.
Follow a Final Investment Decision (FID), Financial close It was insured for Navitas Sea Lion Oil Project In the North Falkland Basin, which will requires An investment of $1.8 billion to lay the foundation for first oil production and $2.1 billion to complete the project. The first two development phases will use FPSO Awka MizoIts production capacity will reach 55 thousand barrels of oil per day.
Navitas, as the project operator, is investigating ways to accelerate the development of the subsequent phases of the Sea Lion project. To this end, the company has signed a memorandum of understanding to acquire an additional FPSO unit, which could increase production capacity by an additional 125,000 barrels per day.
“There is no guarantee that these MOUs will turn into legally binding agreements.” He put the spotlight on Navitas’ partner, Rockhopper Exploration, with the revelation that the operator has decided to change the location of FPSO Aoka Mizu upgrades from the Middle East to Asia due to the conflict in Iran.
While the relocation will add approximately $45 million to the current development budget, Rockhopper claims to benefit from a loan from Navitas, covering two-thirds of the 35% equity requirement for the first phase of the Sea Lion development.
The company states that the net increase in equity costs is $5.25 million, but confirms that it remains funded for the first phase of the project. According to Navitas, development work has begun in the Falkland Islands and is focused on preparing the pier and beach base at this stage.
Later this year, construction of worker housing and additional infrastructure in preparation for drilling will also begin. Manufacturing of long lead elements for the first phase is ongoing. FPSO owner Aoka Mizu confirmed in early May 2026 that production with the current operator had ended; The separation work is expected to be completed by the end of next May.
The FPSO will then sail to the shipyard for upgrade work to adapt it to Sea Lion’s requirements. While drilling and completion work is scheduled to begin at the beginning of 2027, first oil from Phase 1 is still currently scheduled to be produced in the first half of 2028.
Samuel MoodyRockhopper CEO commented: “We are pleased that the project is on track having made the wise decision in light of the security situation resulting from the Iranian conflict to move the FPSO business from the Middle East to Asia.
“We are equally excited about the prospect of accelerating the development of additional barrels through the signing of the Memorandum of Understanding for the second FPSO providing the opportunity to add 125,000 bpd of production to the 55,000 bpd of the first two phases.”
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