Even as the US domestic oil industry continues to get hammered by the administration, the
Spaniards acquire oil-rich acreage off our north slope in Alaska.
The estimated minimum exposure of this investment for Repsol, including amounts to be paid to its partners and the cost of exploration to be carried out over several years, amounts to $768 million. The start of exploratory work is scheduled for next winter.
The North Slope of Alaska is an especially promising area for Repsol as it has already shown to be oil-rich and carries low exploratory risk. This acreage also helps increase the company’s presence in OECD countries. In the United States, Repsol has already successfully explored for and developed hydrocarbons production in the Gulf of Mexico.
I can't make this stuff up.
