Navitas Petroleum has exercised an option to purchase a second floating production storage and offloading vessel (FPSO) for the Sea Lion project in the North Falkland Basin. Priced at US$125m, the OSX-1 unit will specifically target the central development area of the deepwater field.
This procurement is expected to boost total processing capacity by an additional 125,000b/d, accelerating subsequent operational phases. It will complement the 55,000b/d Aoka Mizu FPSO, which remains dedicated to the initial northern development zone.
Operating via a special purpose vehicle, Navitas will hold complete ownership of the new asset until joint venture partner Rockhopper Exploration finances its 35% proportional share. A final investment decision for the central area is scheduled for the first half of 2028.
Track more details on the Sea Lion oil field development directly on EICDataStream.