Billion Barrel Oil Field Discovered West of Shetland
Credit: Story promoted on behalf of Oil Industry News - First Published 28th March 2017
Hurricane Energy has announced it's claim of the "largest undeveloped discovery on the UK Continental Shelf" after releasing details of a mega-find to the West of Shetland.
The find could provide up to 1 billion barrels of oil equivalent (boe) in what is hailed to be the biggest find in the North Sea since Nexen discovered the Buzzard Field in 2001.
The field will be capable of producing oil "beyond 2050". However hurricane isn't expected to have sole ownership of the field as neighbouring acreage has been bought by BP and Shell in the most recent licensing round, making them likely partners for Hurricane Energy.
Hurricane’s stock increased by 11% upon making the announcement.
Ashley Kelty of securities firm Cenkos said: “It’s absolutely colossal.
“It appears to be one structure that runs some 18 miles north-east of Lancaster up towards Halifax.
“It would be quite easy to say it is 800million barrels and it probably wouldn’t be difficult to get to a billion.
“This will be producing beyond 2050. Something of this size could go on for 30 years-plus, assuming a full development of all the resources.”
The super find comes in stark contrast to many stories that Scotlands oil is running out, and reinforces Oil and Gas Peoples 2014 Investigation that Scotlands Western Frontier or Atlantic Margin could see a whole new generation of oil and gas exploration.
Hurricane Energy's Chief Executive Officer Robert Trice said: “We believe that the Greater Lancaster area is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the UK Continental Shelf.
“The discovery of a 1km hydrocarbon column at Halifax validates the efforts the company undertook to acquire the licence and drill, test and log the Halifax well through the winter months.”
First Oil from the massive field is expected in 2019.
