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Economy

Huge New Oil Discovery near NorthSlope Alaska

2017-03-11

[CNN] Some 1.2 billion barrels of oil have been discovered in Alaska, marking the biggest onshore discovery in the U.S. in three decades.

The massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices.

The new discovery was made in just the past few days in Alaska's North Slope, which was previously viewed as an aging oil basin.

Spanish oil giant Repsol (REPYY) and its privately-held U.S. partner Armstrong Energy 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.
winners: Armstrong, Reposol, the Alaska Pipeline, Alaska sovereign fund, US Economy

losers: Mid East producers, peak oil theory

Posted by:lord garth

#12 So Sarah's "bridge to nowhere" ends in a pool of oil?

Posted by: Skidmark 2017-03-11 21:56

#11 Of course, the Greens will soon be shouting "Keep the oil in the ground where it belongs. We don't need oil. We use unicorn farts and pixie dust."

Posted by: Rambler in Virginia 2017-03-11 17:59

#10 You never really know how much oil there is until you pump it out of the ground.

Posted by: Glenmore 2017-03-11 14:29

#9 I number of years ago. I attended an American Petroleum Institute presentation with my Dad. The presenter was up in arms over ANWR and Clinton's decision to forbid drilling.

He said the Clinton Administration DELIBERATELY (Imagine that) understated the amount of oil reserves in ANWR by a factor of more than 10. The amount of oil in ANWR alone is enough to meet the petroleum needs of the ENTIRE US for approximately 100 years according to this guy...vast, I mean freaking vast amounts of oil up there. This is almost old news to me.

Posted by: Sock Puppet of Doom 2017-03-11 14:01

#8 Wait, Whiskey, Almost, darth......are you saying the science ISN'T settled???

Imagine that.

/sarc

Posted by: AlanC 2017-03-11 10:15

#7 Peak what?

Posted by: no mo uro 2017-03-11 10:06

#6 The planet (maybe all planets to a degree) are chemical reactors. Pressure, temperature and time and source materials (CHO(N)) are all there in yuge amounts.

Posted by: Whiskey Mike 2017-03-11 10:02

#5 About 30 years ago (not in dog years either) it was surmised that the oil today is from the original material that formed the Earth. It keeps seeping up through the crust and collects in pockets.
[boring geekasm off]

Posted by: AlmostAnonymous5839 2017-03-11 09:11

#4 Alan, a lot of geologists now think that oil and gas are produced naturally by the planet itself. They have found hydrocarbons in asteroids and planets as well as organic molecules. When the earth came together the heat and pressure forced them out and it collects together under faults according to the theory.
There is a limited amount true, but oil and gas could be still be produced this very day by the planet itself.

Posted by: DarthVader 2017-03-11 09:04

#3 All the protesters from pipeline now on their way to Alaska?

They'll love the 'balmy' 0-degree (F) average temp for this time of year, and there's usually a nice breeze to go along with it.

Still better than 'mosquito weather' there that occurs during July-August. (Doesn't really matter what the weather is doing, there will be many many mosquitoes)

Posted by: Mullah Richard 2017-03-11 08:35

#2 If all the oil was made millions of years ago from rotting dinosaurs, where is all this new oil coming from?

Somehow I think the geology might be as well understood as climate change.

Posted by: AlanC 2017-03-11 07:43

#1 All the protesters from pipeline now on their way to Alaska?

Posted by: g(r)omgoru 2017-03-11 03:59

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