AuthorTopic: Oil Glut: IT'S THE DEMAND, STUPID!  (Read 13860 times)

Offline RE

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🛢️ Small Oil Firm Reports Huge Alaska Oil Discovery
« Reply #60 on: April 12, 2020, 01:54:54 AM »
Now, all we gotta do is cut off immigration (not hard since the planes aren't flying), restart the Refinery in Fairbanks and create our own Petrocurrency based on Oil and Coal reserves.  With the world's foremost fisherie in Prince William Sound, numerous top notch Organic Farms in Palmer and a total population for the state of 750K (that's about half the population of Dallas in a state more than 2X the size of all of TX), we'll be self-sufficient in no time!  :icon_sunny:

RE

https://oilprice.com/Energy/Energy-General/Small-Oil-Firm-Reports-Huge-Alaska-Oil-Discovery.html

Small Oil Firm Reports Huge Alaska Oil Discovery
By Tsvetana Paraskova - Apr 09, 2020, 4:00 PM CDT


UK-based oil exploration firm Pantheon Resources believes it has a huge 1.8-billion-barrel oil discovery in Alaska after evaluating an old exploration well with modern technology, the company’s top executives told the Alaska Journal of Commerce.

Despite the low oil prices, Pantheon Resources believes that the discovery could become commercial and viable at oil prices around $30 per barrel, Jay Cheatham, chief executive at Pantheon Resources, told the Alaska Journal of Commerce in an interview.

The discovery is south of Prudhoe Bay and along the Dalton Highway and Trans-Alaska Pipeline System corridor. The proximity to Dalton Highway is very advantageous for the company to develop the resource, according to Cheatham.

The discovery, named Talitha, could be able to produce as much as 500 million barrels of oil, while peak oil production could be almost 90,000 barrels per day (bpd), Cheatham said.

The company has another prospect, Greater Alkaid, for which it believes peak production could be as high as 30,000 bpd, with recoverable oil resources at 76 million barrels.   

The location and the proximity to the highway could allow Pantheon Resources to work all year round and save money for infrastructure such as roads to the oil discovery, the manager said

Pantheon Resources holds majority stakes in prospects in East Texas and the Alaskan North Slope (ANS) with a combined P50 Technically Recoverable Resource estimated to exceed 1.2 billion barrels of oil equivalent, the company says on its website. 

An Independent Experts Report from January 2020 on Pantheon Resources’ 100-percent owned Greater Alkaid found a Contingent Recoverable Resource of 76.5 million barrels of oil.

While Pantheon Resources believes it can make its Alaska resources viable at $30 oil, Alaska, the U.S. state most dependent on taxes and other income from the oil and gas industry, could be in for a severe budgetary headache after the oil price crash. 

By Tsvetana Paraskova for Oilprice.com
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Offline K-Dog

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Re: Oil Glut: IT'S THE DEMAND, STUPID!
« Reply #61 on: April 12, 2020, 05:21:54 AM »
Small Oil Firm Reports Huge Alaska Oil Discovery

The timing is right to attract some panic money from investors perhaps?  The oil could be there but as the old saying goes measure twice cut once.
Under ideal conditions of temperature and pressure the organism will grow without limit.

 

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