Premier Oil’s Sea Lion development is on track to be sanctioned in 2018, according to an announcement made by partner on the field Rockhopper Exploration.
The company said that the FEED process has progressed and de-risked the Sea Lion development, with the focus for the remainder of the year on the commercial, fiscal and financing elements of the project.
Rockhopper Exploration’s chief executive Sam Moody said: “In the Falklands we are extremely encouraged by the progress made in securing the funding for Sea Lion where we continue to work very closely with Premier to progress the project to sanction in 2018.”
The company also added that a number of contractors have expressed an interest in providing funding for the project, and they hope to reach an agreement in principle on key terms over the coming months.
Rockhopper said last year that it estimated capital expenditure for the development at $1.5 billion.
The company estimates that field peak production could reach 75,000 bbls per day once production starts at the site.