Hurricane Energy’s Lancaster development could be on track to start up “early next year” according to an analyst, following the sail-away of the field’s production vessel.
The firm announced yesterday that the Aoka Mizu FPSO has set off from Dubai following sea trials and is due for a final piece of work in Rotterdam before heading to Lancaster, 60miles west of Shetland.
The Greater Lancaster Area is estimated to hold up to a billion recoverable barrels of oil.
Hurricane has said that first oil is expected in the first half of next year, however Ashley Kelty, analyst at Cantor Fitzgerald Europe, said the “very encouraging” news means it could be early 2019.
He said that the firm has managed to meet all of its milestones so far and an early start-up could be on the cards if hookup and final commissioning goes smoothly.
Mr Kelty said: “The news from Hurricane is very encouraging – the project remains on schedule for first oil in the first half of 2019, and given they’ve achieved all the milestones to date on time, I’m of the view that it will be early 2019 now. “
The analyst added that there is little by way infield commissioning which could hold it up further.
These have held back other projects such as the Athena and Stella fields run by Ithaca Energy in the past.
He added: “The hookup is only likely to be delayed by bad weather, given there is little in the way of infield commissioning required,
“We estimate that this could be early in the year, assuming a straightforward hookup and final commissioning process.”
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