British oil exploration company Pantheon Resources estimates it has discovered a huge 1.8 billion barrel of oil in Alaska after evaluating an old exploration well with modern technology, company executives told Alaska Journal of Commerce.
Despite low oil prices, Pantheon Resources believes the discovery could become commercial and viable at oil prices of around $ 30 a barrel, said Jay Cheatham, managing director of Pantheon Resources, to the Alaska Journal of Commerce in an interview .
The discovery is south of Prudhoe Bay and along the Dalton Highway corridor and the transalaska pipeline network. The proximity of Dalton Highway is very advantageous for the company to develop the resource, according to Cheatham.
The discovery, named Talitha, may be able to produce up to 500 million barrels of oil, while peak oil production could reach nearly 90,000 barrels per day (b / d), said Cheatham.
The company has another perspective, Greater Alkaid, for which it estimates that the peak production could reach 30,000 b / d, with recoverable oil resources at 76 million barrels.
The location and proximity to the highway could allow Pantheon Resources to work year-round and save money for infrastructure such as roads to explore for oil, the manager said.
Pantheon Resources holds majority stakes in the East Texas and North Slope of Alaska (ANS) prospects with a technically recoverable P50 combined resource estimated at more than 1.2 billion barrels of oil equivalent, indicates the company on its website.
A report by independent experts in January 2020 on the Alkaid company, 100% owned by Pantheon Resources, found a contingent recoverable resource of 76.5 million barrels of oil.
While Pantheon Resources thinks it can make its Alaska resources viable at $ 30, Alaska, the US state most dependent on taxes and other revenues from the oil and gas industry, could face a serious disaster. budget head after the fall in oil prices.
By Tsvetana Paraskova for Oilprice.com
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