Energy - - Mar 11,2017
Repsol has identified an oil reserve of 1.2 billion barrels in Alaska's North Slope that would allow production of 120,000 barrels per day starting from 2021.
Repsol has revealed that two wells were drilled this winter with Denver-based partner Armstrong Oil & Gas, Inc. in an area near Nuiqsut village in North Slope in the state of Alaska, where the exploration is confirmed. Alaska has the important infrastructure already in place which allows new resources to be developed more efficiently and quickly.
Spanish Energy Company Repsol has further stated in the press release that the contingent resources of recoverable light oil found, would allow production of 120,000 barrels per day starting from 2021 and has total oil reserve of 1.2 billion barrels.
Armstrong bought the lease for the area in 2001 and made two other discoveries on the North Slope. Repsol partnered with Armstrong Oil and Gas Company for making oil explorations on Alaska's North Slope.
The oil resources identified is in a well, called Horseshoe, 75 percent ownership is by Armstrong and rest 25 percent is owned by Repsol.
Last year in November, the U.S. Geological Survey had reported that the Midland Basin, which is a part of the Permian shale region could contain 20 billion barrels of oil and 1.6 billion barrels of natural gas.
Some earlier oil discoveries include more than 1 billion barrels of oil and gas off the coast of Guyana in 2015 by Exxon Mobil Corp. Last year as much as 2.4 billion barrels of oil was identified in the shallow waters of Smith Bay, about 300 miles north of the Arctic Circle by Caelus Energy LLC. But this oil discovery requires a huge investment in infrastructure in order to extract the resource.
In the Ourhoud field in Algeria, 1.2 billion barrels was identified in 1994 and in 1999 another 1.1 billion barrels was discovered in Thunder Horse in U.S. Gulf of Mexico.