The company drilled Qugruk 1 (Q-1), Qugruk 3 (Q-3) and Qugruk 6 (Q-6) wells during the exploration campaign and intersected good quality hydrocarbons.
Repsol drilled Q-1 and Q-6 to 2,493m and 2,637m, respectively, in the oil-rich area, which produced two hydrocarbons shows, with encouraging results during production tests. In Q-3 well, hydrocarbons were identified at multiple levels.
The results are said to be promising for the future development of the resources discovered.
US state of Alaska has recently passed certain tax reforms, which helped in the development of the project because the extreme climate conditions and geographical remoteness results in high operating costs.
Repsol along with US companies 70 & 48, a subsidiary of Armstrong Oil and Gas and GMT Exploration Company has formed a consortium to carry out oil and gas discoveries.
Repsol operates the consortium with a 70% interest, while 70 & 48 and GMT Exploration Company each hold 22.5% and 7.5%, respectively.
