If developed, the field on state land east of the National Petroleum Reserve-Alaska could significantly boost the flow of oil through the trans-Alaska pipeline system.
Development could also generate billions of dollars in state and local tax revenue, primarily through royalties to the state.
Another major North Slope oil prospect, ConocoPhillips’ Willow project, has been delayed by litigation and a new environmental review. Alaska U.S. Sens. Lisa Murkowski and Dan Sullivan lauded the plans for the Pikka project. Republican Gov. Mike Dunleavy said it “will continue the renaissance on Alaska’s North Slope.”
The companies said they would make efforts to offset and reduce fossil-fuel emissions, including through use of natural gas instead of diesel fuel during operations. Fully developing the first phase will involve drilling 45 wells from a single well pad. Related infrastructure would include a production facility and pipelines, Repsol said in a statement.
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