~ Where the Sun Will Never Set on Our liberty ~
It was the largest onshore find in the US in 30 years, according to astatement 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.
Good news! Tweeted out.
Awesome news! Thanks Kwic
You are very welcome Robin. :-)
Let's see here---about a billion barrels of oil, just discovered in Alaska.
Now let's add another 3 billion from the Permian Basin in Texas.
But wait---add another 3 billion from the "Bakken".
Hope you're not tired---it all adds up to about 7 billion barrels of oil.
So why are we putting ethanol into our engines, instead of turning the corn into food for people and livestock, while at the same time we subsidize the Islamic OPEC oil cartel???
Unbelievable huh, Kurtis? I had read previously, that we have enough oil under our own soil to last for 200 years. Why we are not already energy independent is beyond me. I guess our government loves to fund terrorists by keeping OPEC flush with cash. Also, ethanol ruins engines. Grrrr