The oil exploration firm Hurricane has made what it has described as the “largest undeveloped discovery” of oil in UK waters.
According to the company as much as one billion barrels of recoverable oil could be contained within the Greater Lancaster Area, 60 miles (97km) west of Shetland.
So just how big is this find?
The field is estimated to be approximately 1/5 the size of the forties field – (5 billion barrels) -which still has an estimated 3 billion barrels to be recovered.
Hurricane discovered oil in two wells which sit about 30km apart, which they believe forms part of the same giant field.
A pretty sizeable find, especially when you consider that the average discovery in recent years has been around 25 million barrels.
Exiting and Welcome News
Deirdre Michie, chief executive of industry body Oil and Gas UK, said: “This is extremely exciting and welcome news for the UK Continental Shelf.
“There are still up to 20bn barrels of oil and gas to go after in the UKCS and we believe that makes the basin a very positive investment prospect indeed.”
“However, the UKCS needs fresh investment so it can capitalise on its potential, whether that be from new geological plays, or from enhanced recovery from existing fields.
Shares in Hurricane rose 6% in early trading after the Halifax announcement. In the past year, their value has risen five-fold.
The company hopes to begin production in 2019.