Shenandoah is a world-class, proven and appraised oil and gas field in the deepwater US Gulf of Mexico and is Navitas Petroleum’ most significant investment to date. Navitas Petroleum’s 49% working interest was acquired in a series of transactions in 2018 and 2019.
The Shenandoah development has been well underway since August 2021 (FID). The development is anchored by a semi-submersible floating production system (FPS) capable of producing and exporting approximately 100,000 barrels of oil per day (which is to be expanded to 120,000 barrels of oil per day to serve also the Monument asset). First oil is expected in December 2024 from four production wells.
The total budget for the project is USD 1.8 billion (for 100% of the interests in the Project). Fully committed capital for the entire project has been raised in the form of equity and credit facility. An investment of USD 1.8 billion was made prior to the acquisition of Navitas Petroleum.
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