facebook
twitter
rss
account
search
search
 

Spain's Repsol has North Slope success

April 24, 2013 at 7:25 AM   |   Comments

MADRID, April 24 (UPI) -- Spanish energy company Repsol said it had encouraging results from its winter exploration campaign in the North Slope region of Alaska.

Repsol said it wrapped up its winter campaign with "encouraging results" from the initial testing of the Quqruk 1 and 6 wells. It encountered an undisclosed level of hydrocarbons in well Quqruk 3.

The company said Alaska is one of the more promising areas in the United States.

"These results are encouraging for the future development of the resources discovered," Repsol said in a statement.

Members of the Alaska House of Representatives said reforming Alaska's tax laws will encourage investors to look at the state's oil reserve potential.

Critics of the measure say it's a handout to oil companies working in the state. Repsol said those tax measures were a critical factor in its work in the North Slope because of the high costs of working in the northern climate, however.

"Exploration can only be carried out during four months of the year, when the terrain is frozen," the company said in a statement.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Verizon backing off plan to slow unlimited data Verizon backing off plan to slow unlimited data
2
BAE Systems wins naval support contract BAE Systems wins naval support contract
3
Huntington Ingalls Industries cuts steel for new destroyer Huntington Ingalls Industries cuts steel for new destroyer
4
Pepsi launches stevia-sweetened soda Pepsi launches stevia-sweetened soda
5
Coca-Cola company, other soda makers, pledge to cut calories Coca-Cola company, other soda makers, pledge to cut calories
Trending News
x
Feedback