Spanish oil company Repsol announced on Thursday that it discovered the biggest source of onshore oil in the U.S. in 30 years.
The find, which was located in Alaska’s North Slope, will amount to approximately 1.2 billion barrels of oil, according to a statement from the company.
Repsol said it plans to commence production for the site in 2021 with a potential to extract nearly 120,000 barrels of oil per day.
The Madrid-based energy company had partnered with Armstrong Oil and Gas to unearth the source of oil located in Alaska’s North Slope, which borders the Arctic Ocean. The two firms have been working together to explore Alaska’s oil potential since 2011.
“Alaska has significant infrastructure which allows new resources to be developed more efficiently,” Repsol said.