June 27, 2019 / 6:33 AM / in 24 days

Israel's Navitas says Gulf of Mexico oil project output more than planned

JERUSALEM (Reuters) - Israel’s Navitas Petroleum said on Thursday its Buckskin project in the U.S. Gulf of Mexico had reached full commercial production with an output rate of more than 30,000 barrels per day of oil, a higher level than planned.

“This demonstrates the high quality of the reserve and how it has been developed as well as its production infrastructure,” said Navitas Chairman Gideon Tadmor.

Buckskin is one of the largest oil reserves discovered in the last few years in the Gulf of Mexico and holds about 474 million barrels of oil. Navitas has a 7.5% stake in the project.

Reporting by Ari Rabinovitch; Editing by Edmund Blair

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