Repsol wells had ‘positive results’

Repsol E&P USA Inc. is optimistic about its Alaska exploration program.

A pair of appraisal wells in the Colville River Delta and an exploration well south of the Prudhoe Bay and Kuparuk River units “finished with positive results,” Chief Financial Officer Miguel Martinez said at a first quarter earnings call on May 12. “We are working toward defining the most economical way to develop the area,” he added, but said it was too early to comment further about the results of the wells or future development plans.

This winter, Repsol appraised previous discoveries in the Colville River Delta with the Qugruk No. 5 and Qugruk No. 7 wells. Repsol also drilled the Tuttu No. 1 exploration well on an onshore lease just south of the Prudhoe Bay and Kuparuk River units.

In January, Repsol Alaska Project Manager Bill Hardham said the company would likely develop its previous discoveries, but listed taxation, geophysical analysis and stakeholder engagement as “uncertainties” Repsol must resolve before it could sanction development.

- Eric Lidji