The Spanish oil company Repsol has confirmed that two of their North Slope test wells could produce up to 2.4 million barrels of oil per year.
The prospect is near the Colville Delta, north of Nuiqsut.
In a release from the company, Repsol Executive Vice President of Exploration and Production Luis Cabra said they were happy with their finds and with the state’s tax structure.
If the wells are developed, they could add about 6,700 barrels to the pipeline per day. Current flow rates are about 500 thousand barrels per day.
The company has already started seeking permits. They have 16 positive test wells on the North Slope.