Repsol finds massive new oil field in Alaska

[EC]

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.

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.

First production from the discoveries could come as soon as 2021, with output of as much as 120,000 barrels a day, Repsol said. That would represent a lifeline for Alaska, which has seen oil revenues plummet after prices crashed in 2014. The state also needs new crude to keep oil flowing on the Trans-Alaska Pipeline System.

More: http://www.marketwatch.com/story/repsol-finds-massive-new-oil-field-in-alaska-2017-03-09

[Joe Wooten]

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