Oil discovery of 1.2 billion barrels reserves have been found in Alaska’s North Slope, which said is the biggest onshore in the U.S. in 30 years.
The discovery made by Spanish oil giant Repsol and partner Armstrong Energy in what was previously viewed as an aging oil basin. The companies began exploration in North Slope in 2008.
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Repsol announced the find on Thursday, predicting production could begin as soon as 2021 and lead to as much as 120,000 barrels of output per day.
“The interesting thing about this oil discovery is the North Slope was previously thought to be on its last legs. But this is a significant emerging find,” Repsol spokesman Kristian Rix told CNNMoney.
The new find comes after Caelus Energy and private-equity giant Apollo Global Management announced a massive Alaska oil discovery in the waters of Smith Bay just six months ago.
