Santos announces first oil at Pikka in Alaska
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The news: Oil and gas giant Santos has announced first oil from its Pikka phase 1 development on Alaska’s North Slope.
The numbers: Phase 1 at Pikka has started production as part of the startup and late-stage commissioning process that will lead to an initial ramp-up to 20,000 barrels of oil per day over the next few weeks.
The project is expected to reach a production plateau of 80,000 barrels of oil per day during the third quarter.
Santos is the operator of the project and holds a 51% interest in the Pikka unit, with its partner Repsol holding the remaining 49%.
What they said: “Alaska has a huge runway ahead of it which will underpin value-accretive production growth for Santos for the long term,” said Santos managing director and CEO Kevin Gallagher.
“As we now take Pikka phase 1 into operations, we are transitioning from project execution to our disciplined, low-cost operating model which will maximise the project’s value for our shareholders for the long term.”
The source: ASX
