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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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Small Oil Firm Reports Huge Alaska Oil Discovery

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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Leave a comment
  • Bill Simpson on April 09 2020 said:
    Like someone once said, the best place to find oil is near where someone has already found some oil.
    Exxon sure proved that with their recent string of oil discoveries next to Venezuela, offshore Guyana.
    It makes you wonder how much hydrocarbons are under the Arctic Ocean near Alaska, Canada, and especially Russia. That Russian continental shelf is enormous. And I would bet those 3 big rivers have deposited a lot of organic material down there during the last few hundred million years. That may have formed a lot of gas, and some oil. They will never know until they drill quite a few wells.
  • jone al sharon biriyani indian on April 11 2020 said:
    All speculations.

    Has any of the big bank that are invesnting in this Alask oil providing their rpeort?

    any report t from geologist or miners/drillers?
    no
    all these stories are written based on 'media ' reports put out by the company which is suposedly drilling for oilgas. and so his news is based on not perosnal inspection by anker,s but feabricated by the oil firm to obtina bank loans, support the locla mayor/governor.
    etc. thug culture.


    such rogues bstrd will die one day wiht dirt on their face and bunt wiht kerosine.

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