UK’s ‘largest undeveloped oilfield’ discovered off Scottish Coast

The UK’s Hurricane Energy said Monday the firm has located a kilometer (0.6-mile) -deep oil column which is believed to connect to an existing field.

The discovery is near the Shetland Islands, off the north coast of Scotland, Kallanish Energy reports.

“This is a highly significant moment for Hurricane and I am delighted that the Halifax Well results support the company’s view that its substantial Lancaster discovery has been extended to include the Halifax license.

“We believe that the GLA (Greater Lancaster Area) is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the U.K. Continental Shelf,” said Hurricane CEO Robert Trice.

According to local media, Hurricane needs to raise roughly $400 million to develop the project and looks to initiate producing oil from the field in 2019.

1 Comment on UK’s ‘largest undeveloped oilfield’ discovered off Scottish Coast

  1. Hi,

    Has anybody any odea what the ball park cost per barrel for extraction of this oil might be?

    With the current price for Brent Cruse being circa $51 I wonder if this new find can be competitive?

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