Falklands upstream firm Rockhopper Exploration said a final investment decision (FID) on the Falkland Islands project Sea Lion should be taken by end-2024 the latest. Officials are working on a lower upfront cost project and seeking financing.
The socio-economic impact of oil and gas development in the Falkland Islands has been the subject of a Government report. This is in anticipation of significant economic activity that will be generated by the potential development of the Sea Lion oilfield as well as planned capital projects.
Premier Oil on Wednesday reduced its forecast for its 2019 operating costs to US$12 per barrel of oil equivalent (boe) from US$ 13 and expects debt reduction to reach the upper end of its US$ 250-350 million target by year-end.
As Mercopress have reported over recent months, Premier Oil continue to progress their Front End Engineering and Design (FEED) process for the Sea Lion oil discovery. As a next step in this process, earlier this week Premier Oil plc provided details of their intended approach to both procurement and infrastructure to support the discovery to the north of the Falkland Islands.
An Environmental Impact Statement (EIS) has been submitted to the Falkland Islands Government by Premier Oil Exploration and Production Limited. The EIS covers the proposed development activity for Phase 1 of the offshore Sea Lion oilfield, located in the North Falklands Basin approximately 120 miles to the north of the Falkland Islands.