Pikka coat1/12/2024 Santos tried to divest its stake in the project after the merger but failed to find a buyer. Santos inherited its stake in Pikka in 2021 when it acquired Australia-based Oil Search. The find was then proved up to its current estimate of 1.2 billion barrels of recoverable light oil after a pair of appraisal wells drilled in 2016-17 confirmed the discovery’s extent.Īt the time, Repsol called it the "largest US onshore conventional hydrocarbons discovery in 30 years."Ī 120,000 b/d development project was supposed to start up on 2021, but the Covid-19 pandemic, the oil price collapse and a change in ownership delayed those plans. Repsol and then-partner Armstrong Energy confirmed the Nanushuk’s resource potential during the 2014-15 drilling season. Pikka lies west of the central North Slope region, close to ConocoPhillips’ producing Kuparuk unit, and will be the first to produce from the Nanushuk formation. ![]() The Spanish firm said Pikka will use existing infrastructure and incorporate low-emissions technologies to reduce its overall emissions to about 75% below the average for other North Slope developments. Repsol said Pikka has one of the lowest carbon intensity indexes in its global upstream portfolio and will help both it and Santos achieve their ambitious emission reduction goals. The project is expected to start up in 2026 with gross production of about 80,000 barrels of oil per day. Santos operates Pikka with a 51% stake, with Repsol holding the remaining interest. ![]() The partners said they took a final investment decision (FID) on Pikka's $2.6 billion first phase, which will see 45 wells drilled from a single pad as well as the construction of a production facility, operating center, seawater treatment plant and connecting pipelines.įollow-on phases will require an estimated $400 million or so in additional investment, according to Repsol. ![]() Spain's Repsol and Australian independent Santos said Wednesday that they are moving ahead with the development of the Pikka project on Alaska's North Slope.
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