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.
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