Spanish energy firm Repsol and its partner Armstrong Energy have made the largest U.S. onshore conventional hydrocarbons discovery in 30 years in Alaska, company announced Thursday.
According to the announcement, the Horseshoe-1 and 1A wells drilled during the 2016-2017 winter campaign in Alaska’s North Slope. They could amount to approximately 1.2 billion barrels of recoverable light oil.
The Spanish company has been actively exploring Alaska since 2008, and since 2011, the company has achieved multiple consecutive discoveries in the region with partner Armstrong.
"Repsol holds a 25 percent working interest in the Horseshoe discovery and a 49 percent working interest in the Pikka Unit. Armstrong holds the remaining working interest and is currently the operator," the announcement read.
It added that preliminary development concepts for Pikka anticipate first production there from 2021, with a potential rate approaching 120,000 barrels of oil per day.
"The Horseshoe-1 discovery well was drilled to a total depth of 6,000 ft. (1,828 meters) and encountered more than 150 ft. of net oil pay in several reservoir zones in the Nanushuk section. The Horseshoe-1A sidetrack was drilled to a total depth of 8,215 ft. and encountered more than 100 ft. of net oil pay in the Nanushuk interval as well," the company said.
By Gulsen Cagatay