Caelus' initial estimate is $8 billion to $10 billion, but these numbers tend to grow. The remote location of the discovery is the big challenge, as Caelus appreciates.

Caelus estimates it will be able to recover about 30% to 40% of that oil -- making the discovery one of the largest ever in Alaska. "It has the size and scale to play a meaningful role in ...

Caelus Energy Alaska said Tuesday it has made a "world-class" oil discovery that, if estimates prove true, could be one of the largest finds ever in Alaska. The Smith Bay site, in shallow waters ...

Caelus Energy, the company behind what could be Alaska's biggest oil discovery since the 1960s, will not be drilling a well to confirm the find this winter, as originally planned.

Caelus said that if the discovery turns out to be real, the field would be more fertile than the Alpine unit run by ConocoPhillips, Alaska's largest oil producer, which began production in 2000 ...