NewsExpress advert FCMB banner
Massive oil discovery on U.S. soil

By News Express on 13/03/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,095

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 10:02:10 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
Africa records first win at Brazil 2014 World...

Why I abandoned bullet proof cars —Shettima

Bank staff bag 91 years in jail for...

NANS demands unconditional release of Nigerian students detained...

CNPP laments states’ inability to pay salaries; commends...

NiMet issues weather alert

Police top brass buys into Change Begins With...

NERC drops N750 fixed charges, approves new electricity...

Nigerian Army clears the air on Plateau bomb...

Thinking of buying bitcoin? Read this first

Emeka Ihedioha: Can this man rule Imo State?...

Take advantage of National Confab, Utuama tells Nigerians...


Latest News Dog diverts plane Infected meat traced to Shoprite Killer herdsmen: SERAP sends SOS to UN Security Council Kidnappers lay siege to Oyo communities Buhari orders deployment of NSCDC officials to secure secondary schools in North-East Troops kill 4 militants in Bauchi, arrest 9 Desist from embarrassing Bishops, Okonkwo tells politicians BUK admits 140 students for Degree in Social Media 2019: Why Ugwuanyi deserves second term — Group We are closing in on abducted Dapchi schoolgirls— Defence Minister NMA introduce doctors’ stamp to remove quacks Varsity student, 4 others die as killer herdsmen invade Edo communities


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (332,040 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (324,697 views) Shameless Genevieve Nnaji exposes breasts in public (260,281 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (214,045 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (197,797 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (192,136 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (167,425 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,206 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (142,965 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (132,941 views) Lagos plane crash: Journalist releases victims’ names (132,393 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (125,680 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business & Economy (2,968) Business Verdict (36) Columnists (814) Complaints & Requests (94) Enterprise & Opportunities (206) Entertainment (455) Features (552) Global Business Monitor (238) International (1,854) Interview (146) Live Commentary (28) Love Matters (114) News (33,690) Opinion (895) Pidgin (10) Politics (4,621) Religion (700) Sports (1,456) Stock Watch (28) AMA & Al Jazeera Global Update





Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera