Gideon Tadmor (PR photo)
Gideon Tadmor’s Navits first made a profit of $ 17 million, compared to losses of $ 2.8 million in the first three quarters of 2020. Since the beginning of the year, Navits’ revenues have totaled about $ 62 million, compared to revenues of about $ 32 million in the same period, a dramatic increase of About 94%, due to the increase in output in the various reservoirs as well as the increase in the price of oil.
Navits’ EBITDA for the first nine months of 2021 totaled $ 41.1 million, compared to $ 10.2 million in the same period in 2020. The Baskin project contributed about $ 26.4 million to the partnership’s EBITDA, and onshore assets contributed about $ 17.4 million. The average price of a barrel of WTI oil from January to September of 2021 was $ 64.82, compared to an average price of $ 38.32 in the first nine months of 2020.
The Navits flagship project is a significant process that Nandoa went through when Navits only recently managed to put $ 903 million in favor of the project and maintained a 49% holding in the pool.
The development budget for the Nandua project is $ 1.8 billion, and the reservoir is expected to begin production at the end of 2024, creating a capitalized cash flow for Navits of approximately $ 1.61 billion (NPV10 at a cost of $ 61 per barrel).
Navits concludes the third quarter of 2021 with revenues of approximately $ 20.6 million, compared to revenues of approximately $ 12.7 million in the third quarter of 2020. The partnership’s EBIDTA amounted to approximately $ 15.3 million, compared to approximately $ 4.9 million in the third quarter. Of 2020. Navits recorded a net profit of approximately $ 5 million in the third quarter, compared to a loss of approximately $ 0.1 million in the corresponding period. The average price of a barrel of WTI oil in the third quarter of 2021 was $ 70.56, compared to an average price of $ 40.93 in the third quarter of 2020.
Navits data show that the Baskin project produced about 9.3 million barrels of oil in the first nine months, with Navits’ share (7.5%) being 696,000 barrels of oil. The terrestrial fields produced about 893,000 barrels, and Navits’ share (50%) is about 489,000 barrels. The total volume of Navits’ output in the first nine months is 1.18 million barrels, which were sold at an average price of about $ 65 per barrel.
The production rate in the Baskin project increased during the reporting period compared to the corresponding period last year by about 36% due to an increase in production capabilities. At the same time, there has been a 29% increase in the rate of production of onshore properties as a result of the completion of the acquisition of Denver properties and the start of production from the horizontal drilling carried out in accordance with the development plan.
Navits Petroleum Chairman Gideon Tadmor: “The excellent results indicate that the growth in the partnership’s activities is solid. “The level of oil prices reflects its importance in global growth in the coming decades.”
Navits operates in the North American oil field and has a portfolio of assets that also includes reservoirs that have already begun commercial production of oil, with a total share of existing discoveries of approximately 268 million barrels. Navits holds 49% of the rights in the Shenandoah project, and 7.5% of the rights in the Baskin project in the Gulf of Mexico, USA, which began commercial production in 2019 and is producing more successfully than planned. Terrestrial fields produce in Texas.
Navits recently announced its entry into the field of renewable energies, including the field of offshore wind energy projects, together with the Enlight company.
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