Navitas Petroleum Expands in Gulf of America by Acquiring One-Third Stakes in Two Oil and Gas Discoveries
Navitas Petroleum is expanding its operations in the Gulf of America by acquiring a 33.33% stake in the Tiberius and Logan oil and gas discoveries through its US subsidiary. The purchase was made from companies within the Kosmos and Occidental groups. The deal primarily involves commitments to finance future development, along with cash payments and milestone-based payments tied to project progress.
The discoveries are located 20 kilometers southeast of the Bacchus project, where Navitas has been producing oil for seven years. Production from Tiberius is planned via connection to the existing floating production platform used by Bacchus, which is expected to shorten timelines and reduce development costs compared to building new infrastructure. Tiberius is already in the development phase, with partners having made a final investment decision (FID) this year for the first phase, including completion of a previously drilled well. Production from the first well is expected by the end of Q3 2028, with a development budget of $350 million, of which Navitas’s share exceeds $115 million. Additional wells are planned as part of the phased development.
Navitas reported that existing agreements allow for future production capacity increases to about 30,000 barrels of oil per day and 9 million cubic feet of natural gas per day. In contrast, the Logan discovery is at an earlier stage, with operator Occidental yet to make an investment decision due to ongoing development planning expected to take several years. Navitas believes the geographic proximity and shared ownership of both assets will enable future connection of Logan to the same production infrastructure, reducing development costs.
The transaction’s consideration structure is mainly based on Navitas’s participation in development financing. The company has already paid $4.6 million for its share of expenses incurred since the start of the year and will cover future Tiberius development costs up to a cap of $68 million. This marks Navitas’s first collaboration with energy giants Kosmos and Occidental, both experienced in developing oil and gas fields in the Gulf of America and globally. Navitas’s leadership views this partnership as a potential gateway to future joint deals.
Chairman Gideon Tadmor stated that the deal aligns with Navitas’s strategy to acquire discovered but undeveloped oil and gas fields, aiming to advance them to production using existing infrastructure within relatively short timeframes. Navitas plans to publish reserve and resource estimates for Tiberius and Logan alongside its Q2 financial results, providing a fuller picture of the acquired assets’ value.
