The Sea Lion oilfield north of the Falkland Islands is set to move into production within the next two years, its part-owner Rockhopper Exploration has confirmed.
Rockhopper, which made its first discoveries in the North Falkland Basin in 2010, announced that first oil from Sea Lion is now targeted for the first quarter of 2028 following the project's approval last year.
The company said proven and probable reserves at Sea Lion stood at 110 million barrels, including 57.9 million barrels in the initial phase of the development and a further 51.9 million planned for the second phase.
It said the field had a further 211 million barrels of contingent or “best estimate” reserves with “significant upside potential” that there may be even more.
Rockhopper founder and chief executive Sam Moody said the latest progress is a "transformative period" for the company.