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All,
Its been a long time since the Minerals Committee last sat. About 6 years in fact.
However, they decided to meet earlier this year and here are the minutes.
If Godders is correct, they wont be having another one this year.
https://assembly.fig.gov.fk/jdownloads/Committees/Mineral%20Resources/Mineral%20Resources%202024/Minerals%20Minutes%2022.01.2024.pdf
Mogger
Part 3 .
Plenty more for those that like to practice their Hebrew.
https://mayafiles.tase.co.il/rpdf/1577001-1578000/P1577866-00.pdf
Mogger
Part 2 - A concise description of operations actually performed for the period or of the planned work plan
2022 • Establishment of a project management team
• Examining development alternatives and engineering planning
• Examining alternatives to finance the project
2023 • Formulation and approval of a development plan
• Detailed engineering planning (FEED)
• Examining alternatives to finance the project
• Continue establishing a project management team and opening offices
in London.
2024 • Acceptance of FID decision
• Ordering equipment whose delivery time is long (Long Lead)
• Signing agreements for a long lease, upgrading, operation
and maintenance of the production and storage facility (FPSO)
• Entering into additional agreements, including with suppliers and providers
Services in connection with the drilling and subsea equipment suppliers
(subsea equipment)
• Subject to the FID decision, the start of development works
and construction of the oil property
80,212 123,403
• Conducting development and production drilling 52 2025
• Installation of the production platform and production facilities
• Signing sales and export agreements
2026 and onwards
• Continue carrying out development and production drilling
• Continue the installation of the production platform and production facilities
• Start of production from the oil property (2026)
Mogger
All,
Navitas has released their Annual Report.
Confirmation that:
"The operator (subsidiary company in the chain of the partnership),, an up-to-date development plan that has been submitted for approval to the government of the Falkland Islands, and which includes the drilling of 23 development wells in two stages - in stage I drilling of 11 wells and in phase B drilling of 12 additional wells (hereinafter: "The latest development plan").
The construction costs (Capex) of Phase A are estimated at approximately 1.2 billion dollars until the start of production
from the project. The current development plan is planned to be carried out in stages, thus allowing for a reduction
in the establishment costs until the start of production, which is expected to facilitate the process of obtaining financing for development
Phase A of the project and receiving a final investment decision (FID) during the year 2024
According to the latest development plan, the production from the development of phase one of the project is expected to be carried out ("FPSO") (Floating Production Storage and Offloading) - and facility production storage using a production capacity of up to 45,000 barrels of oil per day in phase A, and up to 55,000 barrels of oil per day
in phase B.
The partnership intends to act to develop the remaining resources in the oil asset, which are not included in the plan
The latest development, when the production within the framework of the following development stages can be carried out in combination
Additional FPSOs, which will allow increasing the scope of production to up to 200,000 barrels of oil per day.
The partnership works on several levels to promote the development of the project, including:
A. Formulating the financing plan for the project, which may include, among other things, financing through
Issuance of bonds, bank financing and financing of oil traders.
B. Obtaining regulatory approvals from the Falkland Islands government for the latest development plan.
third. Locating, negotiating and reaching agreements in connection with the ordering of essential equipment whose delivery time is long
(lead long) including the production and storage facility (FPSO) for the project and the supply of underwater equipment
and its installation.
More to follow
Mogger
Buffit,
I'm feeling charitable,
https://www-bizportal-co-il.translate.goog/capitalmarket/news/article/824233?_x_tr_sl=iw&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
Mogger
All,
FID in their Monument discovery.
https://maya.tase.co.il/reports/details/1577178
Mogger
Pum,
I'm not aware but they must be much further down the project plan because of the following statement
"FIG oil readiness continuing regardless of Navitas delays.
Key priorities for FDP, EIS, FID are expected to be met."
They are all the next things to be announced.
Mogger
All,
An update on progress. All looking good
https://assembly.fig.gov.fk/executive-council/papers?task=download.send&id=4025&catid=620&m=0
Mogger
All,
https://questions-statements.parliament.uk/written-statements/detail/2024-02-22/hcws279
Mogger
All,
Increase in proven reserves at Shenandoah up 46%
Table 1 is very interesting regarding projected revenue
https://mayafiles.tase.co.il/rpdf/1576001-1577000/P1576562-00.pdf
Mogger
All,
Here is the bookies shortlist
https://www.upstreamonline.com/rigs-and-vessels/idle-fpsos-draw-strong-market-interest/2-1-1601785
Mogger
All,
Interesting speech by DC , but those short on time should listen from 7:10
https://youtu.be/cNIYKwjHKkk?si=-HRKiK7GZ-ys-vGr
Mogger
TCM,
May I suggest you reread the article again. Carefully and without prejudice.
As Pre says, Tom is talking about support vessels, supporting the semi sub.
All the timings confirm first oil is still planned for 2026
Mogger
All,
Some notes from the Annual Offshore Support conference this week
Navitas Petroleum development and production logistics manager Tom Campbell talked about the company’s vessel requirements to support the development of the Sea Lion field offshore the Falkland Islands, where a network of subsea infrastructure will be connected to a floating production storage and offloading (FPSO) for first oil in 2026.
“We will start chartering vessels in Q4 2025,” said Mr Campbell. These will support a harsh-environment semi-submersible drilling rig, which will be contracted to drill the development wells on this project.
Mr Campbell said there will be two- or three-year vessel charters, and perhaps contracts lasting up to 11 years. Operating offshore the Falklands can be challenging, although the environment is similar to the central North Sea.
“There are strong metocean conditions, so vessels need significant horse power,” he explained. “It is remote, with a lack of infrastructure and we will need to mobilise vessels there on long-term charters.
https://www.rivieramm.com/news-content-hub/news-content-hub/energy-producers-would-charter-low-emissions-osvs-long-term-79564
Mogger
All,
Some bad news for those that applied for the job adverts that I've been posting.
The Legislative Assembly Records for the meetings that took place in October, November and December 2023 were only just released this week. In the October Minutes Teslyn Barkman welcomes 3 new starters. Three names that I haven't seen before.
https://www.falklands.gov.fk/mineralresources/about-us/staff/oil-and-gas-staff
Looks like Sergei might have a few contacts.
https://www.linkedin.com/in/sergei-stankovski-4772b7126/?originalSubdomain=uk
Page 29 for reference and some info on Argos' new owners.
https://assembly.fig.gov.fk/jdownloads/Assembly%20Records%20and%20Order%20Papers/Legislative%20Assembly%20Records/2023/8.%20Legislative%20Assembly%20Record%2026%20October%202023.pdf
There is nothing of interest in the minutes of the other two months apart from confirming that the South Atlantic Environmental Research Institute is helping Navitas with the Environmental Impart Statement.
Mogger