A Repsol petrol station in Madrid,
Spain. Paul Hanna/Reuters
Business Insider
By Akin Oyedele
09/03/2017
Spanish oil company Repsol said Thursday that it
discovered 1.2 billion barrels of oil in Alaska.
It was the largest onshore find in the US in 30 years,
according to a statement from the firm.
Initial production is expected to start in 2021 with the potential to extract up to 120,000 barrels of oil a day.
Repsol partnered with Armstrong Oil and Gas in making
the new Horseshoe discovery on Alaska's North Slope. Armstrong bought the lease
for the area in 2001 and made two other discoveries on the North Slope that it
has since sold, according to Alaska Public Media.
"Alaska has significant infrastructure which
allows new resources to be developed more efficiently," Repsol said.
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. Its biggest discovery before this was in
Venezuela in 2009.
To access the news,
No hay comentarios:
Publicar un comentario