Newly discovered oil field west of Shetland could be BIGGEST in North Sea sparking new boom hopes
Exploration firm Hurricane Energy claim the Lancaster and Halifax oil fields are a single entity
A NEWLY discovered oil field west of Shetland could be one of the biggest in North Sea history, it was claimed today.
Hurricane Energy’s latest studies show that the Lancaster and Halifax oil fields are actually one body featuring a column of oil a kilometre deep.
And the find could prove to be a welcomed boost to the oil and gas industry in Scotland - and raise the political stakes in the war or words over Scottish independence and Brexit.
Now the firm is hoping to raise around £318m to develop the discovery and aims to begin producing oil from the Lancaster field in 2019.
Chief executive Dr Robert Trice said: "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 licence.
"We believe that the greater Lancaster area is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the UK Continental Shelf.
"These are exciting times for Hurricane."
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Experts are hoping the area where the discovery has been made will breath new life into the flagging industry.
Interest appears to be returning to the region west of Shetland, with Shell and BP awarded licenses to drill in nearby exploration blocks last week.
Earlier this month we told how most of new oil and gas projects in delivered on time since 2011.
Analysis by the Oil and Gas Authority (OGA) found the projects on the UK Continental Shelf (UKCS) are delayed by an average of ten months and are also coming in around a third over budget.
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