Spanish oil company Repsol, along with its partner Armstrong Energy, has made Alaska the largest conventional land-based hydrocarbon discovery in the United States for the past 30 years, the company told the National Securities Market Commission (CNMV) on Friday.
The discovery, the most important of Repsol since 2009 – when it discovered the Perla (Venezuela) deposit – has occurred in the Nanushuk geological formation, located in the North Slope region of Alaska.
The Repsol and Armstrong Energy resources identified in the Nanushuk formation are estimated to be approximately 1.2 billion recoverable barrels of light crude oil.
The discovery was made in the area called Horseshoe, located south of Nanushuk, which extends the site 32 kilometers from the Pikka area, where other findings were produced in 2014 and 2015.
The Spanish oil company has a 25% stake in Horseshoe.
According to Repsol, the wells in which the oil has been found – Horshoe-1 and Horshoe-1A, drilled in the winter exploration campaign 2016-2017, confirm the formation of Nanushuk as “one of the most potential” of North Slope.
Before this discovery of Horseshoe, Repsol drilled as thirteen wells in North Slope that allowed to find reserves of crude in the zone of Pikka.
In fact, Pikka’s preliminary development plan envisages production starting in 2021, with a potential of around 120,000 barrels of oil per day.
Since Repsol has a 49% stake in Pikka, it would account for almost 60,000 barrels.
Last year, Repsol’s crude oil production in the US amounted to 120,000 barrels a day.
Pikka’s development licenses are being processed and a significant percentage of identified resources are expected to be reclassified as proven and probable reserves once they have been obtained.
In the Horseshoe-1 well, which has a depth of 1,828 meters, a net oil column of more than 46 meters was discovered.
In Horseshoe-1A, which reached a depth of 2,503 meters, was found a net column of crude of 30 meters.