The Falkland Islands could be producing 180,000 barrels of oil a day by the end of the decade under plans to accelerate development of the Sea Lion field.
Navitas Petroleum, which owns 65% of Sea Lion alongside London-listed Rockhopper Exploration, is acquiring a second floating production, storage and offloading vessel for $125million.
The vessel could produce 125,000 barrels a day from 2030, on top of 55,000 barrels a day expected from the first phase of the development, where first oil is targeted for March 2028.
Sea Lion, around 136 miles north of the Falklands, is estimated to contain about 900million barrels of oil, with Navitas putting the development budget for the first phase of its central area at around $3billion.
Rockhopper has suspended trading in its shares while it works on a capital raise to fund its share of the vessel acquisition and other costs.
FSTE100
The UK's flagship share index, the FTSE 100, was up 16-points at 10,870 shortly after opening this morning.
Brent crude oil futures were down 0.71%, sitting at $89.63 a barrel this morning.
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