North Sea explorer Hurricane Energy said today that another major milestone had been reached in the quest for first oil from the Lancaster field.
London-listed Hurricane said testing of the buoy for the Aoka Mizu oil production vessel’s mooring system had gone to plan at the Drydocks World yard in Dubai.
The floating production, storage and offloading vessel is in Dubai for repair, upgrade and life extension work ahead of its posting to the Lancaster field, west of Shetland.
Hurricane said progress made on the project meant first oil from the Lancaster early production system (EPS) remained on track for the first half of 2019.
The company said the buoy would sail away from Dubai later this year, with installation at the field expected in the third quarter of 2018.
Aoka Mizu is slated to leave Dubai by the end of Q3 2018.
Analysts have estimated that the Greater Lancaster Area, which includes the Halifax well, could contain 1billion barrels of oil, making it the biggest North Sea find since Buzzard in 2001.
Hurricane chief executive Robert Trice said: “I am delighted that the Lancaster EPS development has passed another key milestone with the successful trial fit testing of the buoy in Dubai.
“I would like to thank Bluewater and Dubai Drydocks World for reaching this milestone ahead of schedule, whilst maintaining safe operations.
“I look forward to the next time that this equipment is connected which will be to secure the FPSO in place for the life of the Lancaster EPS.
“With other operations continuing as planned, we remain on schedule for target first oil in H1 2019.”
Hurricane shares were up 2.20% to 33.52p in early trading.