Israel’s Navitas Petroleum said on July 1 its Yucatan oil field in the Gulf of Mexico is estimated to have more than triple the reserves than previously thought, according to a new contingent resources report.
The Yucatan field, which is located in deep waters about 175 miles south of Louisiana, contains an estimated 49 million barrels (MMbbl) of oil, up from a previous estimation of 15 MMbbl, the company said.
The report was prepared by Texas-based consultants Netherland, Sewell and Associates (NSAI).
Navitas has a 23.1% stake in the field, while LLOG Exploration holds 46.9% and Venari Offshore has a 30% share.
Yucatan is near another field Navitas is looking to develop, Shenandoah, which is estimated to contain 155 MMbbl of oil.
“NSAI’s contingent resources report for Yucatan points to a significant increase in the scope of resources and supports the future joint development of the two fields,” Navitas Chairman Gideon Tadmor said.
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