Tuesday, 28 March 2017

UK'S LARGEST UNDEVELOPED OIL FIELD DISCOVERED OFF THE SCOTTISH COAST

Hurricane Energy has made a further oil discovery west of the Shetland Islands days after Royal Dutch Shell and BP won exploration licences in an area the UK is counting on to breathe new life into its struggling oil and gas industry. The latest find adds to a series of successful wells drilled by Hurricane in a geological formation that analysts say looks likely to be the biggest new oil discovery beneath UK waters this century. Hurricane is expected to announce that initial data from its Halifax well indicates the presence of a 1km-deep oil column and that, crucially, it appears to be part of “a single large hydrocarbon accumulation” connected to the company’s adjacent Lancaster field. This would increase confidence behind the London-listed explorer’s claim to be sitting on the largest undeveloped discovery on the UK continental shelf and aid efforts to attract investment in the field from international oil majors.

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