An oil company says it has found a “world-class” oil reserve off the coast of Alaska that could be one of the largest in the state’s history.

Texas-based Caelus Energy said Tuesday that its find in Smith Bay, on Alaska’s northern coast, “has the potential to provide 200,000 barrels per day of light, highly mobile oil.”

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If confirmed, the reserve would be more productive than the biggest find in Alaska’s history, which reached 139,000 barrels a day in 2007, the Alaska Dispatch News reports.

“This discovery could be really exciting for the state of Alaska,” Caelus CEO Jim Musselman said in a statement. “It has the size and scale to play a meaningful role in sustaining the Alaskan oil business over the next three or four decades.”

The estimate is only an internal company figure, based on two wells drilled earlier this year and existing seismic data, Caelus said. Such discoveries are frequently confirmed by third parties before drilling starts.

The oil is in state-controlled waters, so the exploration and production would not likely be subject to federal rules for offshore drilling, and fees and royalties would go to Alaska.

If Caelus ends up developing the oil, its production would be years away. The company would likely conduct more testing and exploration before building out infrastructure, including more than the 100 miles of pipeline needed to get the oil to existing pipelines.