collected by :John Locas
Spanish oil company Repsol said Thursday that it discovered 1.2 billion barrels of oil in Alaska.
Repsol partnered with Armstrong Oil and Gas in making the new Horseshoe discovery on Alaska’s North Slope.
It was the largest onshore find in the US in 30 years, according to a statement from the firm.
The finding came after Repsol, like many other oil companies, made aggressive cost and operations cuts in response to the collapse of oil prices, according to Bloomberg.
Initial production is expected to start in 2021 with the potential to extract up to 120,000 barrels of oil a day.
As it stated in
Repsol finds massive new oil field in Alaska
Spanish oil company Repsol SA said on Thursday that it had discovered a giant oil field in Alaska, a potential find big enough to help stem production declines in the state.
The Repsol discovery also requires new infrastructure, but it is comparatively close to existing operations of other companies.
“We must all pull together to fill an oil pipeline that’s three-quarters empty — and today’s announcement shows measurable results of that hard work,” Alaska Gov.
That would represent a lifeline for Alaska, which has seen oil revenues plummet after prices crashed in 2014.
Repsol said two wells drilled this winter with Denver-based partner Armstrong Oil & Gas, Inc. indicate that recent discoveries in an area that lies between existing operations in the state’s North Slope could hold as much as 1.2 billion barrels of oil.
As it stated in
Repsol makes the largest U.S. onshore oil discovery in 30 years
The contingent resources currently identified in the Nanushuk play in Alaska amount to approximately 1.2 billion barrels of recoverable light oil.
Press Release 9 March 2017 17:45 CETRepsol and partner Armstrong Energy have made in Alaska the largest U.S. onshore conventional hydrocarbons discovery in 30 years.
The Horseshoe-1 and 1A wells drilled during the 2016-2017 winter campaign confirm the Nanushuk play as a significant emerging play in Alaska’s North Slope.
The Horseshoe-1 and Horseshoe-1A wells drilled in the 2016-2017 winter campaign confirm Nanushuk as a significant emerging play in Alaska’s North Slope.
Repsol holds a 25% working interest in the Horseshoe discovery and a 49% working interest in the Pikka Unit.