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Latest Oil Field Discovery Possibly the Largest in UK
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Exploration specialist, Hurricane Energy recently announced that about 1 billion barrels of oil could lie in the untapped Greater Lancaster area, 60 miles west of Shetland.
Investors breathed a sigh of relief after the announcement as the oil industry has been struggling since oil prices collapsed in 2014, resulting in large-scale job cuts.
The discovery is being touted as the century’s largest undeveloped oil field in the U.K. Per sources, Hurricane Energy needs to raise about $400 million to develop the project. The exploration firm is likely to begin producing oil from the field in 2019.
Success with the Halifax exploration well has established a massive oil column, which is about a kilometer deep and is assumed to link to an existing field. The discovery is near the Shetland Islands, off the north coast of Scotland.
According to Hurricane Energy, the well result supports its theory that the Lancaster field and the Halifax discovery are part of a single hydrocarbon accumulation. The Halifax well is located about 30 kilometers away from the Lancaster field.
The region west of Shetland has been drawing attention of late. We note that oil majors like Royal Dutch Shell plc and BP plc (BP - Free Report) have been awarded licenses to drill in neighboring exploration blocks last week.
Other companies that have either been directly awarded licenses or through a partner offshore the U.K. include Statoil ASA , Eni SpA (E - Free Report) , Total SA and Suncor Energy, Inc. (SU - Free Report) to name a few.
However, most of the new oil and gas projects in U.K. waters, including the North Sea have not been able to keep pace with the schedule since 2011. In addition, analysis polled by the Oil and Gas Authority (OGA) found the projects on the U.K. Continental Shelf (UKCS) to have been deferred by an average of 10 months and having exceeded budget by almost a third.
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Latest Oil Field Discovery Possibly the Largest in UK
Exploration specialist, Hurricane Energy recently announced that about 1 billion barrels of oil could lie in the untapped Greater Lancaster area, 60 miles west of Shetland.
Investors breathed a sigh of relief after the announcement as the oil industry has been struggling since oil prices collapsed in 2014, resulting in large-scale job cuts.
The discovery is being touted as the century’s largest undeveloped oil field in the U.K. Per sources, Hurricane Energy needs to raise about $400 million to develop the project. The exploration firm is likely to begin producing oil from the field in 2019.
Success with the Halifax exploration well has established a massive oil column, which is about a kilometer deep and is assumed to link to an existing field. The discovery is near the Shetland Islands, off the north coast of Scotland.
According to Hurricane Energy, the well result supports its theory that the Lancaster field and the Halifax discovery are part of a single hydrocarbon accumulation. The Halifax well is located about 30 kilometers away from the Lancaster field.
The region west of Shetland has been drawing attention of late. We note that oil majors like Royal Dutch Shell plc and BP plc (BP - Free Report) have been awarded licenses to drill in neighboring exploration blocks last week.
Other companies that have either been directly awarded licenses or through a partner offshore the U.K. include Statoil ASA , Eni SpA (E - Free Report) , Total SA and Suncor Energy, Inc. (SU - Free Report) to name a few.
However, most of the new oil and gas projects in U.K. waters, including the North Sea have not been able to keep pace with the schedule since 2011. In addition, analysis polled by the Oil and Gas Authority (OGA) found the projects on the U.K. Continental Shelf (UKCS) to have been deferred by an average of 10 months and having exceeded budget by almost a third.
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>