Saturday, March 11, 2017

Largest U.S. onshore oil discovery in 30 years announced: 1.2B barrels in Alaska

Via Billy

The Spanish oil giant Repsol has found 1.2 billion barrels of oil in Alaska. The discovery is the largest onshore U.S. find in 30 years. (Image: Repsol USA)

Energy giant Repsol has found the largest onshore U.S. oil find in 30 years.

Oil exploration that started in 2008 has paid off for Spanish oil company Repsol and its U.S. partner, Armstrong Energy. Roughly 1.2 billion barrels of light crude are available in Alaska’s North Slope and ready to come up in 2021.

“The successive [exploration] campaigns in the area have added significant new potential to what was previously viewed as a mature basin,” the company said in a statement posted to its website on Friday. “Additionally Alaska has significant infrastructure which allows new resources to be developed more efficiently. […] Preliminary development concepts for Pikka anticipate first production there from 2021, with a potential rate approaching 120,000 barrels of oil per day.”

1 comment:

  1. The citizens of Alaska fought tooth and nail NOT to become
    a U.S. state after Russia sold the land. They over-whelming
    voted to stay out of the U.S. A lot of good that did.
    The Alaskan citizens said the U.S. wanted Alaska for its
    natural resources only. This is true. Alaska should have
    been sovereign.