Navitas Petroleum Ltd. has agreed to acquire a 33.33% participating interest in the Tiberius and Logan oil discoveries in the US Gulf of Mexico from Kosmos Energy and Occidental Petroleum.

Kosmos disclosed in its second-quarter 2026 results that it had completed a farm-down of the operated Tiberius project, bringing in Navitas as a new partner.

The discoveries lie about 20 km southeast of Buckskin field and are expected to be developed through the Lucius floating production unit.

Tiberius, operated by Kosmos, is under development about 400 km south of New Orleans in about 2,283 m of water. It lies in the outboard Wilcox play and covers about 70 sq km.

Partners reached a final investment decision on the Phase 1A development this year, which includes completion of an already drilled well. Long-lead items have been secured and first oil is expected by the end of third-quarter 2028. 

Subsequent phases could include completion of a second well and later drilling and tieback of two additional wells. Existing production-handling arrangements allow Tiberius throughput to increase to as much as 30,000 b/d of oil and 9 MMscfd of natural gas, including about 13,000 b/d of oil attributable to Phase 1A, Navitas said. 

Logan is a nearby proved discovery operated by Occidental, which plans work in the coming years to advance appraisal activities and formulate a field development plan, Navitas said.

The common ownership structure and proximity of Logan and Tiberius could enable Logan to be tied back through Tiberius subsea infrastructure and the Lucius host infrastructure, the company continued.

Under the agreements, Navitas will reimburse about $4.6 million for its share of Tiberius costs incurred since the Jan. 1, 2026, effective date and will carry up to $68 million of future Tiberius development costs as reimbursement of historical expenditures incurred by the sellers before that date. It also will pay $3 million for the Logan interest. The company may make two contingent payments of about $7.5 million each upon achievement of production milestones from the first two Tiberius Phase 1 wells. 

Following closing, Navitas, Kosmos, and Occidental will each hold 33.33% interests in both discoveries. The deal remains subject to closing conditions, including execution of transfer documents and regulatory approval.