July 1, 2018 / 9:40 AM / 8 months ago

Israel's Navitas raises estimate at Gulf of Mexico oil field

JERUSALEM (Reuters) - Israel’s Navitas Petroleum said on Sunday 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 of oil, up from a previous estimation of 15 million, the company said.

The report was prepared by Texas-based consultants Netherland, Sewell and Associates (NSAI).

Navitas has a 23.1 percent stake in the field, while LLOG Exploration holds 46.9 percent and Venari Offshore has a 30 percent share.

Yucatan is near another field Navitas is looking to develop, Shenandoah, which is estimated to contain 155 million barrels 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,” said Navitas Chairman Gideon Tadmor.

Reporting by Ari Rabinovitch; Editing by Tova Cohen

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