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Huge oil discovery in Alaska

Friday, October 7, 2016 16:51
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(Before It's News)

The American Interest reports,

A small oil company just discovered a massive new oil field on Alaska’s north coast. Dallas-based Caelus Energy LLC says the field could contain as much as 6 billion barrels of crude, and that one day it could produce 200,000 barrels per day (bpd). The WSJ reports:

[Caelus Energy LLC] says it expects to be able to extract between 1.8 billion and 2.4 billion barrels from the discovery, probably using barges built along the Gulf Coast, then towed to Alaska and permanently sunk in the bay to create man-made drilling islands. […]

That idea likely will generate strong support from a state grappling with plummeting oil revenue. If Alaska can’t find a way to reverse steep declines in its oil production, which are putting the Trans Alaska Pipeline in jeopardy of freezing up, it could face a near-total collapse of the oil industry and its entire economy. Adding new barrels from Smith Bay could extend the pipeline’s life.

Read more here.

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