Texas-Based Beacon Offshore Moves Closer to First Oil Milestone 🚢

Texas-based Beacon Offshore Energy, co-owned by Navitas Petroleum’s subsidiary ShenHai, is nearing first oil from its deepwater Shenandoah project in the Gulf of Mexico. The floating production system (FPS), built by Hyundai Heavy Industries, has arrived in Ingleside, Texas, marking a major milestone. The project’s expansion plan includes increasing FPS capacity from 120,000 to 140,000 barrels per day, drilling two additional wells in 2026 and 2028, and installing subsea pumps to enhance production. With an updated budget of $753 million, backed by increased financing, the FPS will serve as a hub for surrounding oil assets. The first oil is expected in Q2 2025, while project partners work toward a final investment decision for the Shenandoah South asset.