Israel’s Navitas Petroleum said on June 16 that oil production had begun at its Buckskin project, which holds proven reserves of 474 million barrels (MMbbl) of oil, in the U.S. Gulf of Mexico.
Production is expected to last some 18 years and bring in total revenue to Navitas and its partners of about $11.3 billion, the company said in a statement. Navitas, which holds a 7.5% stake in Buckskin, estimated its discounted cash flow from the project will be about $239 million.
Navitas said it is exploring with operator LLOG Exploration the development of the Buckskin South reservoir, which could hold an additional 259 MMbbl of oil.
Recommended Reading
Small Steps: The Continuous Journey of Drilling Automation
2024-12-26 - Incremental improvements in drilling technology lead to significant advancements.
Ormat Secures Acreage for Two Geothermal Power Plants
2024-12-26 - Ormat Technologies Inc. secured 1,678 acres from an auction hosted by Utah’s Bureau of Land Management.
FREYR Closes Deal for Trina Solar Manufacturing Assets
2024-12-26 - FREYR Battery said it anticipates the facility, located in Wilmer, Texas, first solar cell production in the second half of 2026.
Russia Declares Federal Emergency Over Black Sea Oil Spill
2024-12-26 - Russia declared a federal emergency on Dec. 26 over an oil spill in the Black Sea.
Venture Global's LNG Tanker Heading Towards Germany, LSEG Data Shows
2024-12-26 - U.S. LNG company Venture Global LNG's tanker Venture Bayou is currently stationed at the Plaquemines LNG export plant.