Posted on 03/16/2017 5:12:19 PM PDT by Brad from Tennessee
Energy giant Repsol has found the largest onshore U.S. oil find in 30 years.
Oil exploration that started in 2008 has paid off for Spanish oil company Repsol and its U.S. partner, Armstrong Energy. Roughly 1.2 billion barrels of light crude are available in Alaska’s North Slope and ready to come up in 2021.
“The successive [exploration] campaigns in the area have added significant new potential to what was previously viewed as a mature basin,” the company said in a statement posted to its website on Friday. “Additionally Alaska has significant infrastructure which allows new resources to be developed more efficiently. […] Preliminary development concepts for Pikka anticipate first production there from 2021, with a potential rate approaching 120,000 barrels of oil per day.”
Denver-based Armstrong is said to own 75 percent of the oil in a well called Horseshoe. It has a 51 percent stake in another unit called Pikka. . .
(Excerpt) Read more at washingtontimes.com ...
Cross linking another thread on the discovery from a few
days ago if anyone cares to scan thru it.
http://www.freerepublic.com/focus/f-news/3534006/posts
Massive Oil Discovery in Alaska Is Biggest Onshore Find in U.S. in 30 years ^
84 comments
Nonsense. We can’t drill our way to energy independence.
oops
Great for the US!! FYI-Venezuela was 300 Billion Barrels. The biggest in OPEC.
Good luck with that!
The enviros have something new to shut down.
“Nonsense. We can’t drill our way to energy independence.”
The United States consumes 1.2b barrels of oil every two months.
This discovery in Alaska is not all that much.
There is a new sheriff in town if you haven’t noticed.
1.2 billion barrels of oil.
Good news.
Too bad we consume 500 million barrels each month.
1.2 billion divided by 500 million = how many months?
About 10 weeks.
I say empty the Strategic Petroleum Reserve ALL AT ONCE. Then watch the markets. Use the salt domes to store nuclear waste, not just ours.
Maybe God is answering bumper sticker prayers. I recall bumper stickers in Aanchorage in the early ‘90s that said, “Please, God, send us another pipeline boom. We promise not to piss it away this time.”
Capacity: 727 million barrels
Currently Holds: 694 million barrels
Pump Out Maximum: 4.4 million barrels per day
So, for about 5 months, you would probably knock the price of oil back to $25 barrel.
Buyers would understand that the extra supply would end after 5 months, so the price would not drop as much as it would if the 4.4 million bbls was permanent.
The last time prices went to $25 a barrel, there was roughly a 2 million bbl per day over supply, and nobody knew when that excess would end.
So sounds like a win-win for the U.S. to declare war on Venezuela, defeat them unconditionally, do all the work of extracting the oil all for a mere 10% of the profits?
Both of these now revert to less desirable for refineries in the Midwest and west coast.
“The last time prices went to $25 a barrel, there was roughly a 2 million bbl per day over supply, and nobody knew when that excess would end.”
Suppose supply and demand does not determine price.
And President Andrew Johnson took crap for buying Alaska for $7 million!
PEAK OIL
PEAK OIl
PEAK Oil
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PEak oil
Peak oil
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pea
pe
p
Never mind...
Why would it take 5 years to begin production? I realize that Rome wasn’t built in a day but five years !?
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