Newsexpress place banner advert Yudala Triple Jara Offer
Massive oil discovery on U.S. soil

By News Express on 13/03/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 421


Some 1.2 billion barrels of oil have been discovered in Alaska, marking the biggest onshore discovery in the U.S. in three decades.

The massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices.

The new discovery was made in just the past few days in Alaska’s North Slope, which was previously viewed as an aging oil basin.

Spanish oil giant Repsol (REPYY) and its privately-held U.S. partner Armstrong Energy announced the find on Thursday, predicting production could begin as soon as 2021 and lead to as much as 120,000 barrels of output per day.

The oil resources lie in a well, called Horseshoe, that's 75% owned by Denver-based Armstrong. Repsol owns the rest of this well.

The discovery is 20 miles south of where the two companies have already found oil in a project known as Pikka. That northern project is already in early development and is 51% owned by Armstrong, which is the operator on both developments.

“The interesting thing about this discovery is the North Slope was previously thought to be on its last legs. But this is a significant emerging find,” Repsol spokesman Kristian Rix told CNNMoney.

Of course, this news won’t ease rising concern among investors about the stubborn glut of oil in the U.S. There are increasing signs that shale oil producers are preparing to ramp up output after surviving a two-year price war with OPEC.

Repsol has been actively exploring in Alaska since 2008 and has an additional presence in the Gulf of Mexico. Shares of the oil and gas company jumped nearly 3% in Madrid trading on Friday.

The North Slope find comes less than six months after Caelus Energy and private-equity giant Apollo Global Management announced a massive Alaska oil discovery in the waters of Smith Bay.

All of this is a big win for Alaska, which last year had to freeze hiring and limit state employee travel due to trouble in the oil industry. Alaska, which relies on oil and gas taxes for the vast majority of its state revenue, has been hit by the one-two punch of shrinking production from its mature fields and the fact that oil prices have been cut in half in recent years.

Things have gotten so bad that the Trans-Alaska Pipeline System is barely being used these days.

“This is also great news for the State of Alaska,” Alaska Governor Bill Walker said in a statement. “We must all pull together to fill an oil pipeline that’s three-quarters empty.” (CNN)

Source News Express

Posted 13/03/2017 04:02:10 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Revenue Commission assesses other mineral resources in Bayelsa...

Cross River warms up to host Biafra International...

Reps move to ensure effective implementation of 2016...

Freight forwarders decry extortion at terminals

Police arrests 6 suspected homosexuals in Benin

Researchers unveil new treatment for sickle cell

Commissioner expresses concern over dead, unhealthy cattle in...

Buhari loses senior aide

Bayelsa Polls: I’m not responsible for your problems,...

Boko Haram on rampage in Cameroon, kills over...

Mile 12 (Lagos) Clash: Sheathe your swords, Aka...

Democrats, activists kick US security agents arrest hundreds...

 

Latest News Nigeria needs $912m to fight malnutrition NiMET predicts partly cloudy weather, isolated thunderstorm for today South African alleged coup plotter goes on trial NAHCON assures better welfare for pilgrims NAPTIP to adopt whistle-blowing policy to combat human trafficking Nigeria Air Force destroys Boko Haram weapon in Sambisa Forest Military denies Boko Haram resurgence in Northeast CIBN, NBA sign MoU on knowledge-sharing Nnamdi Kanu’s release a welcome development — Peter Obi •Calls for release of other detained Biafra activists CAC extends manual business registration in Abuja, 5 states Nigeria records short supply of Tuberculosis vaccine as Kaduna hosts 7th Africa vaccination week Forex dealers pick only $85.69m out of $100m offered by CBN

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (241,504 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (218,916 views) Shameless Genevieve Nnaji exposes breasts in public (181,559 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (163,811 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (155,161 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (136,066 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (118,955 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (116,992 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (104,809 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (101,620 views) Lagos plane crash: Journalist releases victims’ names (100,067 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (94,510 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,529) Business Verdict (15) Columnists (672) Complaints & Requests (87) Enterprise & Opportunities (146) Entertainment (309) Features (431) Global Business Monitor (146) International (1,353) Interviews (120) Live Commentary (28) Love Matters (53) News (23,805) Opinion (682) Pidgin (8) Politics (3,671) Religion (522) Sports (1,254) Stock Watch (18) AMA & Al Jazeera Global Update

 

 

CBN Advert

 

Certificate Controversy: Dino Melaye celebrates as Vice Chancellor confirms he graduated...

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!