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.
Falkland Islands' oil and gas industry is making steady advancement in spite of global concerns about falling prices, according to new analysis by GlobalData. With positive signs coming from the neighboring Argentina, which recently witnessed a change in government, the Falklands is preparing to commercialize production of its first oil project, Premier Oil's Sea Lion.
The Tension Leg Platform option is the most suitable technical and commercial solution for the development of the Falklands' Sea Lion field, according to the recommendation from field operator Premier Oil, said Rockhopper Exploration in an official release, which also announced further drilling is expected in the next twelve months.
Premier Oil exploring for oil in the Falkland Islands said the company is studying cost alternatives to its drilling operations and crude extracting sub-sea architecture for the development of the Sea Lion project, which could delay the original chronogram for first oil.
Bundled or reeled production flow lines could be constructed on-shore the Falkland Islands for Premier Oil, the UK independent company that is developing the Falklands Sea Lion project and expected to demand an investment of 5 billion dollars with first oil expected sometime in 2017.
Rockhopper Exploration which discovered oil offshore the Falkland Islands in 2010 at its Sea Lion prospect is planning a minimum of three exploration and appraisal wells on its North Falkland Basin acreage in 2014 including Sea Lion satellites Casper, Casper South, and Beverley.