Navitas Petroleum

Navitas Petroleum was established under a limited partnership agreement signed on August 30, 2015, and was registered on September 8, 2015, under Israel’s Partnership Ordinance of 1975, for the purpose of oil and gas exploration, development, and production; the partnership’s ongoing management is carried out by its general partner, FLR Oil and Gas Management Ltd.⁠[1][1][1][1][1]

On October 1, 2017, Navitas Petroleum completed its offering of participation units and began trading on the Tel Aviv Stock Exchange. The public offering raised NIS 60 million, the general partner headed by Gideon Tadmor subscribed a further NIS 15 million on the same terms, and the partnership was valued at NIS 254 million. Two months before the listing, it had issued two series of bonds (A and B) through Navitas Buckskin Financing, raising NIS 472 million to develop the Buckskin field in the Gulf of Mexico.⁠[2][2][2][2][2]

At the time of the listing, Buckskin operator LLOG granted Navitas an option to raise its holding in the field from 5% to 7.5%. As of October 2026, Navitas holds a 7.5% working interest in Buckskin, a deepwater field that began producing in 2019 and is tied back to the Lucius platform.⁠[2][3][3][3]

Navitas acquired a 49% working interest in the deepwater Shenandoah field in the US Gulf of Mexico in a series of transactions in 2018 and 2019, after prior owners had invested more than $1.8 billion in exploration and appraisal. In November 2019, Navitas signed a memorandum of understanding to buy four onshore oil and gas assets in Texas for $50 million to build a US onshore arm; as of October 2026, it holds a 50% working interest in four conventional fields in southeast Texas, Webster, Thompson, Manvel, and East Hastings, and operates and holds a 98% working interest in the Neches field in East Texas.⁠[4][5][5][6][7]

On January 7, 2020, Rockhopper Exploration and Premier Oil’s Premier Oil Exploration and Production Limited signed detailed heads of terms with Navitas for it to farm in for a 30% interest in the Sea Lion project in the Falkland Islands, after which the interests would be Premier 40% (operator), Rockhopper 30%, and Navitas 30%.⁠[8][8]

On August 26, 2021, Navitas announced a final investment decision on the Shenandoah project, in which it holds a 49% interest through its subsidiary ShenHai, with an investment of $900 million for its share; the other partners included Beacon Offshore Energy, Blackstone’s BOE II Exploration, and BOE III Shen, owned by Quantum Energy Partners.⁠[9][9][9][9]

On December 8, 2021, Rockhopper, Harbour Energy, and Navitas signed new detailed heads of terms: Harbour would exit its Falklands licence interests, and Rockhopper and Navitas would align their interests across all Falklands petroleum licences at 35% and 65%; Navitas would lend Rockhopper its share of Sea Lion costs before a final investment decision at 8% annual interest and, after a positive decision, provide an interest-free loan covering two-thirds of Rockhopper’s share of development costs, and would become operator on completion.⁠[10][10][10][10][10]

On April 15, 2022, Navitas signed binding agreements with Premier Oil and Rockhopper to acquire 65% of the Sea Lion field and become operator; the transaction was completed on September 22, 2022, when Navitas’s wholly owned English subsidiary Navitas Petroleum Limited bought all shares of the former Premier Oil Exploration and Production Limited from Harbour Energy, and that company was then renamed Navitas Petroleum Development and Production Ltd (NPDP) and became the project’s operating company. UK Companies House records show that NPDP was incorporated on July 11, 2012, and has been more than 75% owned by Navitas Petroleum Limited since September 22, 2022, which in turn is controlled by the Israeli Navitas Petroleum Limited Partnership.⁠[1][1][1][1][11][11][12][12][13][13]

After completion, Navitas held, through its UK subsidiary, a 65% interest in and operatorship of all of Rockhopper’s North Falkland Basin licences (PL003, PL004, PL005, PL032, and PL033), with Rockhopper retaining 35%. When acquired, NPDP had past investments in the field of about $700 million for tax purposes that can be used against future taxable income from it.⁠[14][14][1][1]

The Monument field in the Gulf of Mexico, in which Navitas holds a 28.57% interest, reached a final investment decision in March 2024, with two subsea wells to be tied back to the Shenandoah floating production system about 27 km away and first oil expected at the end of 2026; on June 17, 2026, operator Beacon Offshore Energy completed drilling the first development and production well to its final depth. In December 2024, the Shenandoah partners sanctioned the next development phase, raising the floating production system’s capacity to 140,000 barrels per day, installing a subsea pump, and drilling two more development wells.⁠[15][15][15][16][16][4][4]

On July 25, 2025, commercial oil and gas production began at the Shenandoah project, with the operator planning a staged ramp-up during the third quarter to full production from all four wells at about 100,000 barrels per day, while the floating production system’s capacity was raised to 120,000 barrels per day. In the same month, the adjacent Shenandoah South project, in which Navitas holds a 41.85% interest, reached a final investment decision, with first oil expected in the second quarter of 2028.⁠[17][17][17][17][17][18][18]

On December 10, 2025, after the Falkland Islands Government gave final approval to the field development plan and an investment protection agreement was signed, all Sea Lion partners made a final investment decision on Phase 1, with a total budget of about $1.8 billion (for 100% of the project). NPDP approved about $1,173 million for its share, the other partner, Rockhopper Exploration (Hydrocarbons) Ltd., approved its share, and the licence term was extended by 35 years.⁠[19][19][19][19][19][19][19][19]

Phase 1 is backed by two project finance agreements: about $650 million of loans for NPDP and about $350 million for Rockhopper’s project company; under the loan agreement between the partners, NPDP provides Rockhopper with an interest-free loan equal to two-thirds of its share of Phase 1 equity, repaid from 85% of Rockhopper’s Phase 1 free cash flow. NPDP said Phase 1 involves drilling 11 subsea wells tied back to a redeployed floating production, storage and offloading vessel (FPSO), with peak production of about 50,000 barrels per day; as of October 2026, Navitas plans first oil for March 2028.⁠[19][19][19][19][19][20][20][20][21]

On January 19, 2026, Navitas’s wholly owned subsidiary Navitas Petroleum Holdings, LLC entered into a $1.35 billion revolving reserve-based lending (RBL) facility with a consortium of Israeli and foreign banks and financial institutions, to restructure the financing of its US operations, simplify its debt structure, and convert part of its shekel-denominated debt into dollars; the proceeds were to repay the roughly $417 million Shenandoah project financing and its Series C and E debentures, among other debts.⁠[22][22][22][22][22][22][22][22]

On February 27, 2026, Navitas signed binding transaction agreements under which its indirectly wholly owned, English-incorporated subsidiary Navitas Petroleum Atlantic Limited would acquire 65% of the PL001 exploration licence adjacent to Sea Lion, and become operator, from JHI Falkland, a subsidiary of Canada’s JHI Associates, subject to the consent of the Falkland Islands Government. In September 2026 the Falkland Islands Government announced a five-year extension of all existing offshore production licences and approved the acquisition.⁠[23][23][23][23][23][24][24]

On May 19, 2026, Navitas, through Navitas Petroleum Africa Ltd., signed an agreement with Eco (Atlantic) Oil & Gas to acquire interests in the Block 1 CBK exploration licence in South Africa’s Orange Basin, holding 37.5% and serving as operator after closing, for a payment of $4 million plus carrying up to $7.5 million of Eco’s operating costs.⁠[25][25][25][25][25][25]

On July 31, 2026, Navitas, through Navitas Petroleum US, LLC, signed agreements with companies of the Kosmos and Occidental groups to acquire about 33.33% of each of the Tiberius and Logan oil discoveries in the Gulf of Mexico, leaving the three partners with identical holdings. The discoveries lie about 20 km southeast of Buckskin and are expected to produce through the Lucius floating production facility; Tiberius Phase 1A is expected to reach first oil by the end of the third quarter of 2028 on a budget of about $348 million (about $116 million for Navitas’s share). The consideration includes carrying up to $68 million of the sellers’ future Tiberius development costs, $3 million for Logan, and two contingent payments of about $7.5 million each.⁠[26][26][26][26][26][26][26][26][26]

On August 17, 2026, Navitas exercised an option to buy the vessel OSX1 for about $125 million (for 100%), to be upgraded as the second FPSO for the Sea Lion project; the partnership is paying from its own resources and will initially be the sole owner until Rockhopper funds its share. Navitas expects this to raise total project production to about 180,000 barrels per day by the end of 2030; it estimates the development budget for the first phase of the Central Development Area (CDA1) at about $3 billion and plans a final investment decision in the first half of 2028 and production by 2030.⁠[27][27][27][27][27][28][28][28]

On the night of September 3, 2026, Argentine President Javier Milei announced in a speech a decree to speed up sanctions against companies operating around the Falkland Islands without Argentine authorization and to bar those companies, their shareholders, directors, and suppliers from operating on Argentine soil. On September 4, Navitas stated on the Tel Aviv Stock Exchange (in a notice Rockhopper reproduced in London the same day) that the partnership operates under valid petroleum licences lawfully granted by the Government of the Falkland Islands, a self-governing UK Overseas Territory, with the full and ongoing support of the UK Government, and that recent developments were not expected to have a material effect on Sea Lion development activities or the completion timetable. Navitas shares fell about 2.3% in Tel Aviv that day.⁠[29][30][30][30][29]

On October 5, 2026, Navitas issued a further notice: the Government of Argentina was continuing to impose sanctions on those involved in the Sea Lion project and on other activities in the Falkland Islands; after a contractor connected with the project publicly said it would not take part in oil exploration and production in the Falklands area, the partnership was acting to replace two breaching contractors and would adjust the project as required. Navitas said it was continuing development with the full support of the Falkland Islands Government and the UK Government and at this stage expected no material adverse effect on the project.⁠[31][31][31][31]

For full-year 2025, Navitas reported revenues from oil and gas sales, net of royalties, of $365.2 million, EBITDA of $261.8 million, and net profit attributable to participation unit holders of $167.8 million. For the first half of 2026 (to June 30, unaudited), revenues net of royalties were $517.2 million and net profit was $80.99 million.⁠[32][32][32][27][27]

As of October 2026, Navitas’s executive chairman is Gideon Tadmor, vice chairman Koby Katz is one of its founding partners, and its CEO is Amit Kornhauser; its participation units trade on the Tel Aviv Stock Exchange under the code NVPT.L, and it is headquartered in Herzliya, Israel, with operations in Houston and London.⁠[33][33][33][34]

Navitas Petroleum: Official website: https://www.navitaspet.com/ (opens in a new window).⁠[34]

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