Hurricane seeking funds for west of Shetland production system

Hurricane Energy is looking to raise $520 million to finance an early production system at the basement Lancaster field west of Shetland.

Offshore staff

GODALMING, UKHurricane Energy is looking to raise $520 million to finance an early production system (EPS) at the basement Lancaster field west of Shetland.

The company wants to take a final investment decision on the initial phase of development of Lancaster this summer. Assuming the EPS goes ahead, it would produce 17,000 b/d of oil and provide data for a more comprehensive development of the Lancaster field.

The EPS, due to come onstream in the first half of 2019, would involve a two-well tieback to an FPSO.

CEO Dr. Robert Trice claimed production would generate returns at foreseeable oil prices.

06/30/2017

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