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Alaska's oil industry has seen a string of new discoveries and planned developments in recent months.
New discoveries in Alaska by an Australian independent could provide hope for bigger oil finds yet to come in the country’s National Petroleum Reserve.
Australian independent oil firm 88 Energy has been making strides in its Alaska project in recent weeks announcing an oil discovery in its Merlin-1 exploration well in the southeast National Petroleum Reserve-Alaska. Further testing will show the full extent of the discovery.
88 Energy is predicting a potential 650 million barrels of oil at Merlin-1 based on its current information. This would mean the oil-bearing geologic formation, Nanushuk, is much larger than originally thought.