Navitas shifts FPSO upgrade work to Asia amid Iran conflict, contemplates additional vessel

Navitas Petroleum Development and Production Ltd. is contemplating accelerated expansion of the Sea Lion development north of the Falkland Islands through a potential second FPSO, while also shifting upgrade work on the Aoka Mizu FPSO to Asia because of the conflict in Iran. The move is expected to add about $45 million to the project budget, partner Rockhopper Exploration plc said May 20.

The first two phases of Sea Lion are expected to be developed through the 55,000 b/d Aoka Mizu FPSO. Navitas has signed a memorandum of understanding for an additional FPSO that could add 125,000 bo/d of production capacity in later phases.

In early May 2026, the owner of the Aoka Mizu said production by the current operator had concluded and that, by end-May, disconnection works would be completed before the vessel sails to a shipyard for upgrades to meet Sea Lion requirements. Navitas said it changed the upgrade location from the Middle East to Asia because of the Iran conflict.

Onshore development work on the Falkland Islands has begun, focused initially on dock and shore base preparation. Later this year, construction is set to begin on worker accommodations and additional infrastructure ahead of drilling.

Drilling and completion work remains scheduled to begin in early 2027, with first oil from Phase 1 expected in first-half 2028.