Alaskan Oil Field Discovery Comes Just In Time
New Oil Field To Help Boost Alaskan Economy
A vast oil field has been discovered in the northern section of Alaska and could play a big role in increasing Alaska’s energy production industry.
Caelus Energy made the discovery about 300 miles north of the Arctic Circle and believes it could extract somewhere between 6 to 10 billion barrels of oil from the area.
“The discovery could be really exciting for the State of Alaska. It has the size and scale to play a meaningful role in sustaining the Alaskan oil business over the next three or four decades. Fiscal stability going forward is critical for a project of this magnitude,” said Jim Musselman, Caelus CEO.
The plan is to build an $800 millon 125-mile pipeline to connect with existing pipelines in other parts of Alaska.
The discovery has come just in time for the Alaskan oil industry. Without it, Alaska could be nearing a total collapse of its oil industry and economy if it doesn’t come up with a solution to prevent the continuing decline of its production efforts.
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