Spanish oil company Repsol (BME:REP) and partner Armstrong Energy announced on Friday that they have made the largest U.S. onshore conventional hydrocarbons discovery in 30 years, in Alaska.

The contingent resources currently identified amount to approximately 1.2 billion barrels of recoverable light oil. Preliminary development concepts anticipate first production there from 2021, with a potential rate approaching 120,000 barrels of oil per day, according to Repsol’s press release announcing the find.

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