Falklands’ oil, in June upgrade begins in Asia to adapt Aoka Mizu FPSO to Sea Lion development needs

Thursday, May 21st 2026 - 06:59 UTC

Navitas has shifted upgrade work on the Aoka Mizu from the Middle East to Asia due to the conflict in Iran, adding about US$ 45 million to the development budget

Rockhopper Exploration (AIM:RKH), has highlighted progress at the Sea Lion oil development in the North Falkland Basin, operated by Navitas Petroleum. The first two phases will use the Aoka Mizu FPSO with capacity of 55,000 barrels per day, while a new memorandum of understanding for a second FPSO could lift total capacity by a further 125,000 barrels per day, significantly expanding the project’s production potential if implemented.

Navitas has shifted upgrade work on the Aoka Mizu from the Middle East to Asia due to the conflict in Iran, adding about US$ 45 million to the development budget and increasing Rockhopper’s equity costs by US$5.25 million, though the company says it remains funded for Phase 1.

By the end of May, disconnection works will be completed and the Aoka Mizu FPSO will sail to the shipyard for upgrade work to adapt it to Sea Lion's requirements. Drilling and completion works are scheduled to commence at the beginning of 2027. First oil from the Phase 1 is still currently expected in H1 2028.