Massive Oil Find in Alaska Is Largest in 30 Years

Spanish oil giant Repsol (REPYY) has revealed the largest U.S. onshore oil discovery in 30 years, located in Alaska’s North Slope. Repsol and joint venture partner Armstrong Energy claim to have found a massive conventional oil play that holds up to 1.2 billion barrels of recoverable light crude. The discovery was confirmed after Repsol drilled two test wells during the 2016-2017 winter season. According to the company, the area was previously considered to be a mature oil basin. Oil is expected to flow beginning in 2021, with a potential rate approaching 120,000 barrels per day. -- More...