Friday 16 September 2016

Could new oil find signal North Sea revival?

A UK firm has completed drilling a pilot well in the North Sea's Lancaster Field and confirmed a significant presence of oil at the site.

Oil & gas company Hurricane Energy now plan to abandon their pilot well reservoir and form a "horizontal well" shooting off from the initial drilled hole.

The oil is believed to be of good quality and up to 6,600 barrels of oil will be produced each day under normal circumstances.

The firm adds it could be pushed to a daily volume of 11,000 barrels if extensive pumping equipment and techniques are used.

Dr Robert Trice, CEO of Hurricane Energy, said: "I am delighted that the Pilot Well has confirmed a significant oil column. The combination of high flow rates, an extensive oil column and underlying aquifer materially de-risks Hurricane's plans for a future Lancaster field development and further underlines the potential of the fractured basement West of Shetland."