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 ...