Insight
Alaska North Slope: Caelus Energy announces giant discovery in Beaufort Sea
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
On 4 October 2016, Caelus Energy released internal estimates of 1.8 to 2.4 bnbbl of recoverable reserves and 6 bnbbl of oil in place from the Tulimaniq field in the shallow waters of the Beaufort Sea off the North Slope of Alaska. If these volumes are proven, it would mark the largest oil discovery since Norway’s Johan Sverdrup in 2010. While the discovery has been touted by the operator as a game-changer, it faces significant headwinds to reach development. The remote location, costly development solution, environmental sensitivity and fluctuating fiscal environment could diminish returns or derail the project altogether, even if appraisal results support the giant field size.
Table of contents
- Executive summary
-
Promising results from small operator could indicate world-class find
- Complex geology could present challenges; increase costs
- Remote and highly sensitive location also impacts economics
- Fiscal terms to play role in possible appraisal, sanction
- Future implications
Tables and charts
This report includes the following images and tables:
- Caelus' Tulimaniq field
- Global exploration volumes, 2010-2016 YTD
- Cash tax credits owed to Caelus Energy at risk
What's included
This report contains:
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