SPANISH petro-chemical giant Repsol has discovered the largest oil supply in over 30 years in the USA.
Along with its commercial partner Armstrong Energy, Repsol uncovered the source of black gold in the State of Alaska in the wells known as Horseshoe 1 and 1A, which were drilled over the winter.
It is the greatest quantity of subterranean hydrocarbon fuel worldwide found by Repsol in over seven years, since it drilled wells in Perla, Venezuela, in October 2009.
The energy corporation, chaired by Antonio Brufau and founded 30 years ago in Madrid, says the wells unearthed in Alaska contain around 1.2 billion barrels of crude oil and is connected to a supply found in Pikka, in the same State, during its last excavation campaign.
Having been actively fracking in Alaska since 2008 and finding multiple underground wells in the North Slope area since 2011 in conjunction with Armstrong Energy, Repsol is now working on how to exploit the supply.
It will set a development plan in motion which will extract the fuel for energy use from the year 2021 onwards.
Repsol owns 49% of the Pikka oil field in the Nanushuk mountains, where it has opened 13 wells leading to numerous deposits, and is a 25% shareholder in the more recently-discovered Horseshoe oil field.
Armstrong Energy owns the rest and, between them, they drilled down 1,828 metres (6,000 feet) in Horseshoe 1, finding a net column of petroleum of over 46 metres (150 feet), then a 2,503-metre (8,215-foot) well in Horseshoe 1A, discovering a 30-metre (100-foot) column of oil, both of which are in the Nanushuk area.
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