Leading Oil’s Sea Lion job is on the path to being sanctioned following calendar year next significant development, with first oil qualified in 2021, in accordance to spouse Rockhopper Exploration.

Sea Lion schematic Stage one, two, and 3. Impression from Rockhopper.

“In the Falklands we are incredibly inspired by the development made in securing the funding for Sea Lion where by we keep on to get the job done really intently with Leading to development the job to sanction in 2018,” says Sam Moody, Rockhopper CEO.

In accordance to Rockhopper, Sea Lion Stage 1’s front-conclusion engineering and structure (FEED) system has considerably progressed and de-risked the Sea Lion improvement with aim in 2017 continuing on the professional, fiscal and financing aspects of the job. FEED for Sea Lion started in January 2016.

“A quantity of contractors have now expressed fascination in probably furnishing funding for the job and the enterprise is hopeful of achieving agreement in basic principle on crucial conditions above the coming months with a see to being in a position to sanction the job throughout 2018,” says Rockhopper.

The enterprise says that conversations are also progressing with probable companies of export credit score finance to the job.

Sea Lion is 200km north of the Falkland Islands, and sits in 450m water depth, on the eastern edge of the North Falkland Basin.

In August 2016, Leading minimized improvement charges to US$one.five billion, equivalent to $seven/bbl, or $45/bbl breakeven job charge. Nevertheless, further more charge reductions are anticipated, provided the existing industry surroundings.

In May 2016, an unbiased reserves report estimated the Falklands Bigger Sea Lion Complex to comprise additional than 500 MMbbl of 2C or contingent resources. When fuel is additional to the total, Leading Oil stated that the estimate raises to 747 MMboe. 

In the Stage one improvement, discipline peak output is anticipated to get to about seventy five,000 b/d.  

SBM Offshore will give the FEED for the floating output storage and offloading (FPSO)vessel, with get the job done expected to choose 15-18 months to full.

The FEED contract for SURF transport and set up was signed with Subsea7, for flexibles with National Oilwell Varco and for the subsea output technique with A person Subsea

The Falkland Islands Federal government (FIG) has agreed to prolong the license for the Sea Lion Discovery Spot in PL032 to 2020.

A draft Industry Progress Program (FDP) has been prepared and submitted to FIG, says Rockhopper.

Browse additional:

Sea Lion complicated is made up of 500 MMbbl additionally

Leading inks first major Sea Lion contract, expands scope

First section FPSO approach for Sea Lion

Taming a Sea Lion

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