Navitas Reports Record Quarter and Acquires Second Production Facility for Sea Lion Project in Falklands

Navitas Petroleum, an oil and gas exploration partnership operating in the Americas, reported a significant surge in revenues for the second quarter of 2026, driven by the full production start at its flagship Shenandoah project in the Gulf of Mexico in July 2025. The company posted revenues of $279 million for Q2 2026, a 15-fold increase compared to the same quarter last year, and a net profit of $77 million versus a $56 million loss previously. For the first half of 2026, revenues reached $517 million with a net profit of $80 million, also a 15-fold increase from the prior year. Production volume for the half-year was approximately 9.4 million barrels, with an average price of $93 per barrel. Navitas highlighted that the Shenandoah project contributed an EBITDA of about $690 million in its first production year, reflecting a 60% return on investment.

Looking ahead to South America, Navitas acquired a floating production, storage, and offloading (FPSO) facility with a capacity of around 125,000 barrels per day for approximately $125 million (100% basis). This FPSO will support development of the Central Development Area (CDA) of the Sea Lion project near the Falkland Islands. The project plans include 20 wells in the first phase and 18 in the second, with a final investment decision expected in the first half of 2028 and production targeted by 2030. Concurrently, development continues in the Northern Development Area (NDA) with a budget of about $1.8 billion, 18% of which was spent by June 2026, with drilling starting in early 2027 and production from March 2028.

Following these plans, Navitas published an updated resource report by NSAI, showing a 39% increase in the discounted cash flow (10NPV) for the Sea Lion project to approximately $5.16 billion. The total discounted cash flow for all projects in Navitas’ portfolio is estimated at about $9.7 billion, a 19% rise. Additionally, Navitas released a resource report for the Tiberius and Logan discoveries in the Gulf of Mexico, where it acquired a 33% stake in July 2026, estimating a discounted cash flow of $164 million for the first Tiberius well. These discoveries are expected to connect to the Buckskin project’s production facility, with production slated for Q3 2028.

Navitas forecasts EBITDA growth from around $759 million in 2026 to about $3.3 billion by 2031, with production reaching approximately 183,000 barrels per day. The company’s stock has surged over 470% in three years, reaching a market capitalization of 16 billion shekels, reflecting its successful oil discoveries. Navitas is chaired by founder Gideon Tadmor and led by CEO Amit Kornhauser.