Monday, 27 March 2017

Hurricane makes 'largest undeveloped' oil find in UK waters

An oil exploration firm has made what it has described as the "largest undeveloped discovery" of oil in UK waters.

Hurricane Energy said one billion barrels of recoverable oil could be contained within the Greater Lancaster Area, 60 miles (97km) west of Shetland.

The company hopes to begin production in 2019.

Dr Robert Trice, Hurricane's chief executive officer, described the find as "exciting times".

He said: "This is a highly significant moment for Hurricane.

"We believe that the Greater Lancaster Area is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the UK Continental Shelf (UKCS)."

The discovery is significantly larger than the average find in recent years, which has been about 25 million barrels.

However, it is still a fifth of the size of the Forties field, which contains about five billion barrels - of which approximately two billion have been recovered.

Hurricane discovered oil in two wells which sit about 30km apart.

The company believes the oil they found forms part of the same giant field.

Drilling at the Halifax prospect found a column of oil-bearing rock of at least 1,156m. It has been described as "very significant" in an independent analysis.

Operations had to stop for budget and safety reasons, but Hurricane Energy plans to return for further appraisal.

Shares rose 6% in early trading after the Halifax announcement. In the past year, their value has risen five-fold.

BBC     News.