Navitas Petroleum acquires $125M FPSO to expand Sea Lion oil field

Navitas Petroleum has exercised an option to purchase the OSX-1 floating production, storage, and offloading (FPSO) platform for approximately $125 million to accelerate the development of the Sea Lion oil field in the Falkland Islands. The acquisition aims to expand operations from the Northern Development Area into the Central Development Area (CDA), potentially increasing extraction capacity by an additional 125,000 barrels of crude oil per day.

Rockhopper Exploration is planning an equity capital raise to fund its 35% pro-rata interest in the new vessel and to cover associated expenditures. The company’s shares have entered the AIM Capital Access Window, temporarily pausing trading during the fundraising process. The current timeline targets ‘first oil’ from Phase 1 of the Northern Development Area in the first quarter of 2028, with production from the CDA expected to begin by the end of 2030.

Additionally, Eco Atlantic Oil & Gas has highlighted significant exploration potential in the North Falkland Basin. Following the acquisition of JHI Associates, Eco estimates its attributable share of prospective resources in license PL001 could reach approximately 225 million barrels of oil. Navitas intends to drill a multi-target exploration well on this license during its upcoming drilling campaign, expected to start in early 2027.