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: 420


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

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!

 

You may also like...
Rivers Re-run: INEC suspends election in Akuku-Toru LGA...

Kano Government declares Tuesday public holiday to mark...

Synagogue plans memorial service for 116 worshippers killed...

Customs impound smuggled rice, cars valued N39.05m

Army investigates coup rumours

Alao-Akala pledges masses-friendly programmes if elected Oyo Governor...

2016 Budget will spur rapid economic growth —Senator...

Adhere to farm hygiene to check spread of...

Bomb blast rocks bank, kills workers and customers...

Ngige drops 51 witnesses as Anambra guber election...

Shell announces increased gas production in Eastern Niger...

Kaduna must be saved from deterioration, says El-Rufai...

 

Latest News BREAKING: Nnamdi Kanu regains freedom •Leaves prison after meeting bail conditions Amaechi flags off dredging of Ajaokuta-Onitsha waterways •Raises hope on Onitsha, Lokoja and Boro River ports BREAKING NEWS: Senator Abaribe signs bail bond for Nnamdi Kanu Niger Delta states sue FG over N500 trillion oil revenue loss $2b modular refinery for Edo Court fixes June 19 for judgment on Tompolo’s suit against FG Man petitions IG over abduction of daughter, forceful marriage in Niger State Coalition of rights groups faults Nnamdi Kanu’s bail conditions; demands variation, unconditional release UBA Group starts strong in 2017, grows profits by 41 per cent in first quarter Umahi inaugurates law review committee Minister challenges govt. information managers, says: ‘Don’t succumb to intimidation, distraction by naysayers’ Don’t let Ngige drag you into voodoo politics, Umeh tells Buhari, APC

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (241,345 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (218,771 views) Shameless Genevieve Nnaji exposes breasts in public (181,463 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (163,750 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (155,080 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (135,984 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (118,891 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (116,953 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (104,765 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (101,589 views) Lagos plane crash: Journalist releases victims’ names (100,045 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (94,488 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 (1,352) Interviews (120) Live Commentary (28) Love Matters (53) News (23,779) 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

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!