Navitas has signed a mandate with an international technical leading bank that could help the Sea Lion oil development in the offshore North Falkland Basin move forward.
According to partner Rockhopper, Navitas has indicated that the bank could cornerstone the project financing with further capital provided by various other investors. In the latter case, initial discussions are also thought to have been positive.
The partners’ goal is to complete bank financing within six months, leading to FID on the first phase Sea Lion development later this year.
Numerous letters of intent, memoranda of understanding and contracts have been signed for the project, including for an FPSO and subsea infrastructure. Discussions are also underway for a suitable drilling rig.
Potentially, Phase 1 across the field’s northern area could deliver peak production of 55,000 bbl/d, rising to 150,000 bbl/d once all phases have been developed.
Rockhopper estimates pre- first oil capex for Phase 1 at $1.4 billion.
