Two oil companies announce discoveries and one seeking a discovery in Oklahoma. Falling oil prices, excessive spending on shale technologies and massive layoffs have been the industry’s headlines since 2014. But lately news is trending towards new discoveries and optimistic forecasting of an industry struggling to maintain viability in the eyes of their shareholders.
A massive oil discovery announcement in Alaska by Spanish oil company Repsol SA (OTC: REPYY:US) and Hurricane Energy’s (OTC:HRCXF) claim of “largest undeveloped (oil) discovery on the U.K. continental shelf,” are altering sentiments of an industry negatively plagued by complex world events for this volatile commodity. Each of these discoveries will not impact the actual supply chain until 2021 for Alaska production and 2019 for the UK discovery. Meanwhile a smaller company Petro River Oil (OTC:PTRC) is positioning itself for its own significant discovery in Osage County, OK where a newly drilled well is only weeks away. Interesting to follow these companies in 2017.