Rockhopper Exploration and Navitas Petroleum have reached an agreement by which the Israeli company becomes the operator of the promising Sea Lion project located north of the Falkland Islands. This lays the basis for a new technical and financing plan for a lower-cost development of the Sea Lion area.
UK-based oil and gas operator Premier Oil has said it has suspended the Sea Lion-1 oil project offshore the Falkland Islands. The company said the US$1.8 billion offshore oil project would be suspended to minimize ongoing spend in light of the current market conditions.