No More Elephant Fields? Say What? $1.5 Trillion Oil Find Off-Shore US

Bloomberg is reporting:

The project known as BAHA, undertaken in 1996 by Texaco and its partners, Royal Dutch Shell Plc (RDSA), Amoco Corp. and Mobil Corp., was a dry hole. That normally would’ve made it a flop. Instead, BAHA’s discovery of oil-rich sands where none were thought to exist was the first step in unlocking a $1.5 trillion trove of crude that’s revived the prospects of a body of water many thought had long ago given up most of its fossil-fuel riches. 

Peak oil? What peak oil?

Best story line: BP is not involved in this well.