North Sea-focused Hurricane Energy marches towards first oil in 2019

UK-based oil and gas explorer Hurricane Energy has edged closer towards attaining first oil at its Lancaster field in the North Sea, after making a final investment decision on an early production system (EPS).

Having passed this significant milestone in the project, the AIM-listed firm expects production from the EPS to commence in the first half of 2019. The Lancaster field holds around 523 million barrels of recoverable oil.

Hurricane also confirmed its floating production storage and offloading (FPSO) vessel is now on tow to Dubai, while it also signed a contract with Transocean for the completion of the EPS production wells.

“I am delighted that all operational work streams are proceeding on track for delivery of the project within the target timeline of first oil in the first half of 2019,” said Robert Trice, Hurricane’s chief executive.

“The Lancaster EPS is not only an essential step in planning for the full field development of the company’s Rona Ridge assets, but also represents a substantial development in its own right, with planned production of 17,000 barrels of oil per day.”