Repsol Reinforces Its Exploration Position In Alaska With 12 Blocks

Repsol reinforces its exploration position in Alaska with 12 blocksAlaska, Texas, New Mexico, Wyoming and North Dakota have substantial sovereign wealth funds funded with revenues from natural resource extraction

Repsol has secured 12 new blocks in an area near to Pikka, the largest on-land oil discovery in the US in the last 30 years. The oil company has secured mining domination in a zone situated south of the River Colville (Alaska, US), where ConocoPhillips has also made significant discoveries. Repsol’s partner Oil Search has also secured four leasing contracts.

In this way the Spanish oil company reinforces its position in one of the zones where it has enjoyed significant exploration success in the auction held last week, which also beat all records for income for the State of Alaska.

The Oil and Gas Division received 159 offers from companies seeking leases in state lands in North Scope, Beaufort Sea and North Slope Foothills.

Repsol is already working on the plan for preliminary development of Pikka, one of two wells in Nanushuk, which anticipates production beginning in 2021, with a potential of around 120,000 barrels of oil per day. But the oil company is still to carry out next year another test drilling to further delimit the zone.

Repsol has been actively exploring in Alaska since 2008.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.