Hurricane Energy has tripled its estimate of recoverable oil from its Lancaster Field in the North Sea, the company said April 7.
The statement comes just over a week after the company announced an oil discovery in the Halifax well in the West Shetlands region, which it thinks could be Britain’s largest undeveloped oil find.
As part of a day of presentations to analysts and investors, Hurricane said it had upgraded its recoverable resource estimate for the Lancaster Field to 593 million barrels from 200 million in a 2013 assessment.
Output from Lancaster is expected to start in the first half of 2019, with a daily production rate of 17,000 barrels expected soon after.
Oil exploration in Britain has declined due to high costs and as explorers focus on less mature basins.
A new generation of specialist exploration firms, such as Hurricane, has started to apply new technologies to tap billions of barrels of oil still left for extraction.
Hurricane specializes in recovering oil using a technique that requires high pressure drilling to fracture a type of rock that is very hard and brittle.
Analysts at Panmure Gordon said the upgrade regarding Lancaster meant Hurricane's total discovered resources from its prospective fields could come close to 1 billion barrels.
Recommended Reading
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
Italy's Intesa Sanpaolo Adds to List of Banks Shunning Papua LNG Project
2025-02-13 - Italy's largest banking group, Intesa Sanpaolo, is the latest in a list of banks unwilling to finance a $10 billion LNG project in Papua New Guinea being developed by France's TotalEnergies, Australia's Santos and the U.S.' Exxon Mobil.
What's Affecting Oil Prices This Week? (Feb. 3, 2025)
2025-02-03 - The Trump administration announced a 10% tariff on Canadian crude exports, but Stratas Advisors does not think the tariffs will have any material impact on Canadian oil production or exports to the U.S.
CPP Wants to Invest Another $12.5B into Oil, Gas
2025-03-26 - The Canada Pension Plan’s CPP Investments is looking for more oil and gas stories—in addition to renewable and other energies.
Shell Raises Shareholder Distributions and LNG Sales Target, Trims Spending
2025-03-25 - Shell trimmed its annual investment budget to a $20 billion to $22 billion range through 2028 after spending $21.1 billion last year.