Aoka Mizu FPSO is planned for the Sea Lion project in the Falkland Islands25 May 2025 00:17
Norwegian engineering specialist Aragon has been awarded a front-end engineering and design (FEED) contract by Bluewater Energy Services to redeploy the Aoka Mizu FPSO, which is currently operating in the UK North Sea.
The vessel, which is currently producing on the Lancaster oilfield, is being prepared for transfer to the Sea Lion oil project in the Falkland Islands. Israeli operator Navitas Petroleum is leading the project, which sees the Aoka Mizu as a key component in unlocking the region’s offshore potential.
This development marks a significant milestone toward the advancement of Sea Lion, one of the most promising undeveloped oil fields in the South Atlantic.
Sea Lion Project to Deliver Over 120,000 BPD in Phased Development
The Sea Lion project—the Falkland Islands’ first offshore oil development—is being executed in three phases. Phases one and two will leverage the redeployed Aoka Mizu FPSO, with peak production expected to reach 55,000 barrels of oil per day (BPD). Once all phases are complete, total production capacity is projected to exceed 120,000 BPD, underscoring the project’s scalable design and alignment with long-term energy efficiency and resource optimisation trends.
The Strategic Importance of Being Fully Funded
One of the key takeaways from the conversation with Share Talk, Harry Baker, Borders and Southern CEO is the critical role that adequate funding plays in the company’s ability to advance its projects. The exploration and development landscape is highly competitive, and having the financial muscle to negotiate favourable terms is a significant advantage.
Baker emphasises that being fully funded until the end of 2026 means Borders and Southern can confidently approach industry partners and investors. This funding strategy is not just about survival but about positioning the company to make the right strategic decisions. As Baker puts it, they want to “look the industry in the eye” during negotiations and demonstrate that they are prepared to see the project through to its full potential.
This approach reflects the company’s confidence in its asset and the broader story of the Falkland Islands’ oil potential. Borders and Southern holds 100% ownership of its license, which further strengthens its negotiating position. The company is not just looking for quick wins but aims to secure partnerships that will enable the development of a significant and valuable oil project.
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