Caelus Energy says it has discovered an estimated 6 billion barrels of oil under its current state leaseholds in Smith Bay, an area southeast of Barrow. The company says the wider Smith Bay area could contain as much as 10 billion barrels of oil.
If financing is secured and environmental permits are issued, thousands of jobs could be created for engineers, field hands, truck drivers, camp managers and so on, Musselman said.
Both Caelus and the Alaska Oil and Gas Association (AOGA) say the discovery could represent a major game-changer for Alaska’s declining oil economy.
Read more at KTUU: Large, new oil field discovered.