“Largest discovery” of oil in UK waters

https://www.rt.com/uk/382473-scotland-independence-referendum-oil/

An oil exploration company has hailed the “largest undeveloped discovery” of oil in UK waters, to the west of Shetland in Scotland. The find could influence the outcome of a second Scottish independence referendum.

Hurricane Energy said the discovery, from which an estimated 1 billion barrels could be extracted, is significantly larger than the average findings of 25 million barrels in recent years.

Hurricane’s chief executive officer, Robert Trice, said there are “exciting times” ahead for the company, which has seen its shares jump 6 percent following the announcement of the Greater Lancaster Area discovery.

“This is a highly significant moment for Hurricane,” said Trice, the BBC reports.

“We believe that the Greater Lancaster Area is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the UK Continental Shelf (UKCS).”

The news comes after oil prices plummeted to a three-month low, sparking questions over whether an independent Scotland could financially manage on its own if it chose to split from the UK.

“While Brexit has, of course, added a new dimension, the economic concerns that led the majority in Scotland to vote to remain a part of the UK have not disappeared,” said Dean Turner, an economist at UBS Wealth Management, according to the Independent.

“Scottish GDP (gross domestic product) lags behind the UK and declining oil revenues have raised questions over the fiscal sustainability for an independent Scotland – especially if it intends to retain the pound.”

This gloomy forecast could be reversed if major revenues can be raised from the vast new discovery.

Hurricane Energy believes the Lancaster and Halifax oil fields actually constitute one single entity in a kilometer (1,156m)-deep column.

“I am delighted that the Halifax well results support the company’s view that its substantial Lancaster discovery has been extended to include the Halifax license,” Trice was reported saying on STV.

———-

“Hurricane Energy said the discovery, from which an estimated 1 billion barrels could be extracted, is significantly larger than the average findings of 25 million barrels in recent years.”

well yeah..but who will “own” it?

if its scottish they might be big winners..

We believe that the Greater Lancaster Area is a single hydrocarbon accumulation, making it the largest undeveloped discovery on the UK Continental Shelf (UKCS).”

401

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~ by seeker401 on March 30, 2017.

One Response to ““Largest discovery” of oil in UK waters”

  1. Reblogged this on World4Justice : NOW! Lobby Forum..

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