Denver-Based Company Partner Claims Largest U.S. Onshore Oil Discovery

MADRID (AP) — Spanish energy company Repsol says an oil reserve of 1.2 billion barrels has been identified in Alaska’s North Slope, which the company is the largest onshore discovery in the United States in three decades.

Repsol said that the contingent resources of recoverable light oil found near the village of Nuiqsut in North Slope, would allow production of 120,000 barrels per day starting from 2021.

A statement from Repsol’s Madrid headquarters said the discovery was made with its partner, Denver-based Armstrong Energy. The companies began exploration in North Slope in 2008.

Repsol recently reported its 2016 net profit of 1.73 euros ($1.82 billion), its best results in four years.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Denver

CENTURYLINK 'LINK TO THE ACMAS'
CHECK YOUR BRACKET

Listen Live

AM/FM Stations

Featured Shows & Multimedia