Rockhopper Exploration oil and gas company which last year agreed to jointly develop the Sea Lion project at the North Falkland Basin with Israel's Navitas as leading financer and operator, announced that following discussions, the Falkland Islands Government had agreed to extend the company's licenses at the South Falkland Basin.
The Argentine Secretary of Malvinas affairs has included another oil company with interests in the Falklands hydrocarbons industry in the “list of bad boys” for allegedly operating without authorization from Argentina.
Positive news for Falklands' oil industry development. All regulatory consents for the transaction between Harbour Energy plc and Israel's Navitas Petroleum LP of its Falkland Islands offshore license interests have been approved by the Falkland Islands government and the United Kingdom minister of state.
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.
A hydrocarbon development project in the Falkland Islands faces new challenges following the announcement of one of the companies involved that it shall be lifting all South Atlantic operations.
Rockhopper Exploration is responding to market developments by reducing staffing levels and activity related to the Sea Lion development in the offshore North Falkland basin. The company plans to maintain a smaller team, mainly focused on regulatory, fiscal and financial issues, pending a recovery in the external macro-environment.
Oil and gas exploration firm Rockhopper Exploration, with interests in the Falklands and preparing to advance with the Sea Lion project, has agreed to sell its assets in Egypt to United Oil & Gas in a US$ 16m deal. The sale of Rockhopper Egypt includes a non-operated 22% interest in the Abu Sennan concession onshore Egypt and the existing assets of the business.
Negotiations continue with service providers for the Premier Oil-operated Sea Lion development in the offshore North Falkland basin. According to partner Rockhopper Exploration, Phase 1 will develop around 220 MMbbl in license PL032 and a further 300 MMbbl from the license’s remaining resources under Phase 2.
Rockhopper Exploration and operator Premier Oil have submitted a revised draft field development plan for the Sea Lion Phase 1 project to the Falkland Islands government. According to Rockhopper, a final submission should follow in the lead-up to sanction of the project, in the offshore North Falkland basin.
Rockhopper Exploration said the Sea Lion phase 1 project in the North Falkland Basin was moving towards sanction at the end of 2018. London-listed Rockhopper said project partners had been focusing on securing the US$1.5billion of capex required to achieve first oil.