After the announcement of first oil in the Pikka project, majority interest owner Santos is celebrating the milestone.
in the Pikka project, majority interest owner Santos is celebrating the milestone, along with advocates like the Alaska Oil and Gas Association, andThe project is the one of the largest in recent years, and the joint operators, Santos and Repsol, forecast an eventual yield of 80,000 barrels per day as systems gradually come online.
In the grand scheme of North Slope developments, analysts say it isn’t the largest.
“It’s a large project. It’s not Prudhoe Bay,” said oil and gas analyst Larry Persily.
“So, Alaska, North Slope oil production before this was, I don’t know, last time I looked, 450,000, 460,000 barrels a day. ”. Still, if Pikka reaches the 80,000 barrels per day that Santos forecasts, then it would be the largest producing site in the state after Prudhoe Bay.
“So, it’s a significant increase, it’s an increase in production, but this isn’t a monumental change the earth, everyone’s happy, massive dividends, and everybody gets a new school increase,” Persily said. Still, Pikka is the largest new addition to the North Slope in recent years, until ConocoPhillips brings the Willow Project online, Persily said.
“Santos and Repsol are not Exxon,” Persily said. “They’re not Chevron in terms of size, but Repsol is Spain’s energy, oil and gas major. Santos is a large company based in Australia with production in Australia and Papua New Guinea. ” “They’re big companies, but no, they’re not Saudi Aramco, but they’re big enough companies to pull off a multi-billion-dollar investment in Alaska to bring a new oil field to production.
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