A massive oil discovery was made in Alaska recently that could result in a new source of revenue for one company.

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Here are eight things you need to know about it:

• The massive petrol discovery was made in the North Slope of Alaska, which is quite a feat considering the fact that this basin was considered to be a struggling, old source of oil makes it that much more impressive.
• Spanish oil company Repsol SA (ADR) (OTCMKTS:REPYY) made the discovery along with its privately-held U.S. arm Armstrong Energy.
• The announcement was made on Thursday and production may begin in 2021.
• The Alaskan oil discovery could churn out 120,000 barrels per day, and a total of 1.2 billion barrels in the long run.
• The resources discovered are called Horseshoe, and 75% of it is owned by Denver-based Armstrong. The rest is owned by Repsol.
• This could prove to be a discovery of gargantuan proportions as Alaska has experienced budget difficulties due to lower production.
• This slump has been caused by reduced production and lower oil prices in the state.
• The North Slope could prove to be a lifeline for the nation, and the discovery is the result of an extensive exploration by Repsol in the northern state that began back in 2008.

REPYY shares surged about 0.2% this Friday during regular trading hours.