The Conservative Cave
Current Events => Breaking News => Topic started by: SVPete on March 11, 2017, 03:46:35 PM
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Massive oil discovery in Alaska is biggest onshore find in 30 years (http://money.cnn.com/2017/03/10/investing/alaska-oil-discovery-repsol-spain/index.html)
by Matt Egan
March 10, 2017: 11:45 AM ET
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.
Huge oil discovery in Alaska. Enviros hardest hit!
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Good for the State of Alaska! :cheersmate:
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From what I am seeing, there isn't going to be any actual new wells dug for another four years.
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I have to wonder how long they knew about this and just sat on it until Obama was gone.
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I have to wonder how long they knew about this and just sat on it until Obama was gone.
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About 80% of the Alaskan oil industry has 'laid down' over the past 14 months.
A year ago last October, I saw a 20-acre equipment auction by Halliburton that had tens of millions of oil exploration equipment, plus all the fleet and heavy earth moving equipment up for sale. Whole fleets of what looked like nearly new industrial equipment, including fleets of what looked like new extended cab truck, etc.
A very sad site to see. I know some folks who got laid off there, several in state level, and one in regional level positions who had been in the industry up to 30 years and were laid off.
Alaska won't recover for at least a decade, if for no other reason than the huge capital needed to replenish what was sold off, turned off, sealed off, and laid down.
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From what I am seeing, there isn't going to be any actual new wells dug for another four years.
Yes. From what I quoted in the OP: "... predicting production could begin as soon as 2021 ...".
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I have to wonder how long they knew about this and just sat on it until Obama was gone.
Entirely possible, after the years of Obamian and Enviros' obstruction of pipelines, exploration, and drilling. The Enviros won't go away, but they won't have the same collusive relationship with the EPA and Justice Department.
The reason so many companies have started investing in the US again is that Obama Administration hostility toward business, regulation-mindedness, and buddy-buddy relationship with the Enviros made expanding in the US too risky, to the point of foolishness. Even knowing Trump would be President drastically changed the Risk side of the Risk - Benefit equation. I'm surprised Libs & Progs haven't yet started claiming that US Big Bogeyman-Business sabotaged the US economy to get Trump into office. It's a clear failure of imagination on Libs' & Progs' part.
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Drill baby, drill!