Caelus Energy Alaska, an independent exploration and production company, has announced a “significant” oil find off Alaska.
A subsidiary of Dallas-headquartered Caelus Energy, the Alaska company made the discovery at its Smith Bay state leases in shallow waters off of the North Slope.
According to the company’s announcement the Smith Bay project could yield as much as 200,000 barrels of light oil per day. The estimate is based on two wells Caelus drilled earlier this year.
And the company thinks that when adjacent acreage is included the Smith Bay fan complex may contain as much as 10 billion barrels.