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Hurricane Energy sees another development milestone for Lancaster project

The growing oil firm is evidently advancing the Lancaster project with rapid pace
Hurricane oil FPSO
The Lancaster EPS is expected to yield some 17,000 bopd

Hurricane Energy Plc (LON:HUR) returned with another Lancaster field project update, telling investors that the newly-fabricated buoy for the early production system has now departed dry dock in Dubai.

Before its release, the buoy was successfully testing and it passed final inspections. The company highlighted that the buoy is a critical element of the turret mooring system for the Aoka Mizu FPSO, which will be deployed at the Lancaster field.

The completion concludes a key part of the construction phase of the project, it added.

READ: Hurricane Energy shares could double as Lancaster advances

It is expected that the buoy will arrive by the end of June at which point it will allow for the installation of the turret mooring system to take place before the end of the third quarter.

"The installation of the turret mooring system is critical to the overall timetable for the Lancaster EPS development,” said Dr Robert Trice, Hurricane chief executive.

“The departure of the buoy from Dubai is on schedule and I'd like to thank Bluewater Energy Services and Drydocks World Dubai for their diligence and teamwork, both of which have been material in achieving this key project milestone."

Start of installation phase

Yesterday, Hurricane revealed that it has now started the offshore installation phase. It begins with the installation of enhanced horizontal ‘xmas trees’ on Lancaster’s two existing wells. An offshore construction vessel has taken on board both xmas trees and it is now due to mobilise to the field.

It is among a number of work tasks that are taking place ahead of the installation of the turret mooring system for Lancaster’s float production storage and offloading (FPSO) vessel.

"I'm delighted to see the start of the installation phase of the project with activity beginning to take place offshore,” Trice said in Wednesday’s statement.

“All workstreams are proceeding well; we remain on budget and on schedule for first oil in H1 2019."

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