• Privacy policy
  • T&C’s
  • About Us
    • FAQ
  • Contact us
  • Guest Content
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
    • Lottery Results
      • Lotto
      • Set For Life
      • Thunderball
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
The London Economic
No Result
View All Result
Home News

A billion barrels of recoverable oil found off the coast of Scotland

A billion barrels of recoverable oil has been found off the coast of the Shetland Islands in what has been described as the “largest undeveloped discovery” of oil in UK waters. The oil field is located 60 miles west of Shetland in the Greater Lancaster Area, a single hydrocarbon accumulation which is believed to be the largest […]

Jack Peat by Jack Peat
2017-03-27 15:53
in News
FacebookTwitterLinkedinEmailWhatsapp

A billion barrels of recoverable oil has been found off the coast of the Shetland Islands in what has been described as the “largest undeveloped discovery” of oil in UK waters.

The oil field is located 60 miles west of Shetland in the Greater Lancaster Area, a single hydrocarbon accumulation which is believed to be the largest undeveloped discovery on the UK Continental Shelf (UKCS).

Hurricane Energy, which made the discovery, has seen its shares rocket as they announced plans to begin production in 2019.

Deirdre Michie, chief executive of industry body Oil and Gas UK, told the BBC: “This is extremely exciting and welcome news for the UK Continental Shelf.

“Hurricane Energy’s announcement – coming just days after the Oil and Gas Authority awarded new licences to companies to explore for oil and gas in frontier areas – demonstrates the significant remaining potential of the UKCS.

“Signs of optimism, mainly led by exploration and production companies, are returning to the basin, which has worked hard to reduce its costs and improve efficiency.

“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.

“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.”

Hurricane Energy has focused its efforts on what it believes are neglected geological formations known as naturally fractured basement reservoirs which occur in a series of drilling blocks west of Shetland.

RelatedPosts

Elon Musk’s Grok chatbot just went full Nazi and called itself ‘Mechahitler’

Government emergency alert test to be held within months – date announced

MPs vote to make Premier League matches free to air

Angela Rayner to ban bosses from using NDAs to cover up misconduct at work

The firm claims to have found more oil in UK waters than any other exploration company over the past 10 years. All its prospects are wholly owned by the one company.

Please login to join discussion

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

← Boom Burger: For year-round Caribbean vibes in West London ← PRINCE2 Project Management Framework Updated for 2017
No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

-->