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 sayd 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.