Some 1.2 billion barrels of oil have been discovered in Alaska’s North Slope, marking the biggest onshore discovery in the U.S. in three decades.
Oil production could begin as soon as 2021 and lead to as much as 120,000 barrels of output per day.
Drillings made in the 2016-2017 winter campaign at the Horseshoe-1 and 1A wells confirmed that the contingent resources could amount to approximately 1.2 Bbls of recoverable light oil.
The oil resources lie in a well, called Horseshoe, that’s 75% owned by Denver-based Armstrong. Repsol owns the rest of this well.
Geologists familiar with the North Slope have said the discovery could be a game-changer in Alaska, tapping a long-overlooked, relatively shallow formation.
The North Slope find comes less than six months after Caelus Energy and private-equity giant Apollo Global Management announced a massive Alaska oil discovery in the waters of Smith Bay.