The Spanish energy giant has struck oil in Alaska, a US state that is famous for its northern lights displays Getty ImagesThe Spanish energy giant Repsol has struck oil in Alaska, in what it said was the biggest conventional oil discovery onshore in America in 30 years. The group said that two wells it had drilled over the winter had identified potential resources of up to 1.2 billion barrels of light oil. The “Horseshoe” wells are on Alaska’s North Slope, a region Repsol said had been “previously viewed as a mature basin” until it made a series of discoveries from 2011, in an area known as the Nanushuk play. Repsol and its partner Armstrong Energy were working on plans to develop the existing discoveries and said that first production could be in 2021.

Source: The Times March 11, 2017 00:04 UTC