Repsol has completed testing in two wells during its winter exploration campaign in Alaska with better-than-expected yields of good quality crude which, added to the positive results from previous campaigns, confirm the significant development potential of the area, the company said in a news release.
This campaign brings to 16 the number of positive wells drilled, including sidetracks, in Repsol’s acreage of the resource-rich North Slope region during the four winter exploratory campaigns that the company has completed since it acquired the assets in 2011. Exploration can only be carried out during four months of the year, when the terrain is frozen, Repsol said.
During the current campaign, the Qugruk 8 well flowed 30 degree API gravity crude at rates of up to 2,160 barrels of oil per day (bbl/d), and the Qugruk 301 horizontal well yielded rates as high as 4,600 bbl/d, Repsol said in the release.
Repsol operates the discovering consortium with a 70% stake, together with U.S. companies 70 & 48 LLC, a subsidiary of Armstrong Oil and Gas, (22.5%) and GMT Exploration Co. (7.5%). The consortium will continue with an additional drilling program during the next winter and has already begun the process to obtain permits for a development phase in the Nanushuk and Alpine areas.
Recommended Reading
Turning Down the Volumes: EQT Latest E&P to Retreat from Painful NatGas Prices
2024-03-05 - Despite moves by EQT, Chesapeake and other gassy E&Ps, natural gas prices will likely remain in a funk for at least the next quarter, analysts said.
Arctic Vortex Pumps Up Natural Gas Demand, But It Won’t Last
2024-01-16 - Cold temperatures caused higher gas usage and dropped production, but the spike in demand is unlikely to have lasting effects.
CNX Joins Crowd of Companies Cutting Back NatGas Production
2024-03-12 - Appalachian gas producer CNX Resources is reducing natural gas production in 2024 and announced delays for well completions on three shale pads.
Southwestern, Chesapeake Energy Near $17 Billion Merger - Report
2024-01-07 - Southwestern and Chesapeake's deal would create a roughly $17 billion company that would rank as one of the largest U.S. natural-gas producers.
Midstream Builds in a Bearish Market
2024-03-11 - Midstream companies are sticking to long term plans for an expanded customer base, despite low gas prices, high storage levels and an uncertain political LNG future.