Sat, Mar 11, 2017 - Page 10 News List

Big Alaska oil find for Spanish energy company Repsol

AFP, MADRID

Spanish energy giant Repsol SA announced on Thursday a find in Alaska that it says holds approximately 1.2 billion barrels of oil.

The discovery, made with its US partner Armstrong Energy, is Repsol’s biggest since a gas find in Venezuela in 2009, a spokesman said.

The find near Nuiqsut village in Alaska’s north is “the largest US onshore conventional hydrocarbons discovery in 30 years,” Repsol said in a statement.

The firm has been exploring Alaska since 2008 and has made other discoveries with Armstrong in the same region as the Nuiqsut find since 2011.

The firm holds a 25 percent interest in the discovery, while Armstrong holds the rest.

“The successive campaigns in the area have added significant new potential to what was previously viewed as a mature basin,” Repsol said.

The firm expects to begin production in the area in 2021, with a potential rate of around 120,000 barrels of oil per day.

It produced 690,000 barrels of oil per day last year, a 23 percent increase over the previous year.

Repsol swung back into the black last year, posting a net profit of 1.7 billion euros (US$1.8 billion), boosted by higher oil and gas production as well as a rise in crude prices.

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