Caelus discovers about 6 billion barrels at Smith Bay Field could one day produce as much as 200,000 barrels a day Alaska’s oil reserves may have just gotten 80 percent bigger after Dallas-based Caelus Energy LLC announced on Tuesday the discovery of 6 billion barrels under Arctic waters. The light-oil reserves were found in the company’s Smith Bay leases between Prudhoe Bay and Barrow along the Arctic shore, according to a statement from Caelus. As much as 2.4 billion barrels is estimated as recoverable, according to a release issued by the company. That compares with the state’s proved reserves of 2.86 billion barrels in 2014, almost 8 percent of the U.S. total, Energy Department data show. “This discovery could be really exciting for the state of Alaska,” Caelus Chief Executive Officer Jim Musselman said in the statement. “It has the size and scale to play a meaningful role in […]