RE: Navitas update26 Mar 2023 20:20
Sorry this a better translation
energy
Navits with a profit of 49 million dollars; Production from Shenandoah is expected to begin in late 2024
The company updates that with the start of production from Shenandoah, the annual revenue volume is expected to jump to approximately $1.14 billion, assuming a price of approximately $78 per barrel of oil. Last year's revenue was 120 million dollars
Nathaniel Ariel 03/23/2023 18:07
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Subjects in the article Navits Shenandoah
Navits revenues Navits Peter Yash -0.41% in 2022 jumped by 39% to about 120 million dollars. The partnership records a net profit of approximately $49 million, compared to $3.9 million in 2021, mainly due to the increase in output in the reservoirs to 1.71 million barrels.
The partnership reports that the development of the flagship project in Nanoda is proceeding according to the planned budget and schedules, 43% of the development budget has actually been invested in it, and that the project is expected to begin production at the end of 2024, with the production of approximately 17 million barrels per year
In addition, Navits announces for the first time for the Sea Lion project a capitalization flow of about 1.9 billion dollars for the Navits part. Navits chairman Gideon Tadmor says about the results: "Navits concludes the year 2022 with excellent results and a significant increase in revenues and net profit. In parallel with the progress in the development of Shenandoah, we are working to promote the Sea Lion project, with the aim of reaching an investment decision in the project during the year 2024."
Navitas' EBITDA increased by 55% to approximately $76 million, compared to an EBITDA of approximately $49 million in 2021. The Bakskin project contributed approximately $54 million to EBITDA, compared to an EBITDA of approximately $36 million in 2021. The onshore assets contributed to EBITDA approximately $32 million, compared to EBITDA of approximately $24 million in 2021.
Progress in the development of the Shenandoah project: Navits updates that the works to develop the partnership's flagship reservoir, the Shenandoah project (388 million barrels), are progressing according to the budget and in accordance with the planned schedule, with production from the project expected to begin at the end of 2024. By the time of the report, approximately 43% had been invested From the budget of the development works in the project, in the financial scope of about 770 million dollars out of the total development budget in the scope of 1.8 billion dollars. With the start of production from Shenandoah, the annual revenue of Navits is expected to jump to about 1.14 billion dollars, assuming a price of about 78 dollars per barrel of oil.
As part of the development work in the reservoir, the advanced drilling vessel of the project, Transocean Deepwater Atlas, began the execution of the four development and production wells in the project, at a cost of appro
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