Wednesday, March 15, 2017

Smith Bay: Another Elephant I Had Not Heard Of -- March 15, 2017

Bloomberg has the story; it's a "fun read."
  • Jim Musselman, Texas wildcatter
  • his first elephant: 1999, off the coast of West Africa; sold his company to Hess Corp for $3.2 billion
  • another elephant: 2007, off the coast of Ghana; worth at least $4 billion to Exxon
  • forms a new company after the Ghana chapter: Caelus (named for the Roman sky god)
  • discovered another elephant, this time, North Slope, Alaska: Smith Bay
  • Smith Bay: 150 miles west of Prudhoe Bay
  • the shallow estuary could yield 6 billion bbls; the nearby tundra could yield 4 billion more
  • Caelus plans to drill a $100 million test well
  • Musselman hopes to turn Smith Bay into another Prudhoe Bay
  • challenges: 
    • North Slope Alaska oil -- $50/bbl to break-even (compare with $20/bbl in the Bakken)
    • another 150-mile pipeline to connect with the Trans Alaska Pipeline 
  • last year: TAP -- 515,000 bopd flowed in 2015; a quarter of the amount that flowed 30 years ago 
The Apple Page

The very first Apple computer sold for $666.66.

Over at Macrumors
According to some, the number of the beast in the Book of Revelation, and Eve's first bite of the forbidden fruit in the Garden of Eden from Genesis, respectively. The end, and the beginning.

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