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The partners have started production at this flagship project on the North Slope, which is expected to reach a production of 80,000 gross barrels of oil per day in the third quarter.
It is Repsol's first project to enter production in the North Slope area, where it has been a pioneer in the discovery of the Nanushúk formation.
This important milestone reinforces the company's long-term commitment to energy development in the United States, and especially in Alaska, where it has been building a prominent position over the past decade.
Repsol, in consortium with Santos, has begun producing oil in Pikka, on the North Slope of Alaska (United States), with oil flow already established through the LACT meter (Automated Custody Transfer System) and entering the oil sales pipeline.
Production will gradually increase to reach the projected level of 80,000 barrels of gross oil per day in the third quarter of the year. Initial sales revenue is also expected in the third quarter, with the partners alternating shipments.
Repsol has a 49% stake in the project, while the Australian company Santos owns the remaining 51% and acts as the operator.
“A few years ago, we made the strategic decision to develop this asset, discovered by the company itself in the North Slope region. This commitment is beginning to pay off. The start of production at Pikka will decisively contribute to revitalizing Alaskan oil production after decades of decline and will consolidate the project as a major production hub in the area,” said Josu Jon Imaz, CEO of Repsol.
This milestone reinforces Repsol's long-term commitment to energy development in the United States and, especially, in Alaska, where it has been building a prominent position over the last decade.
Pikka is Repsol's first project to enter production in the North Slope area, where it pioneered the discovery of the Nanushuk formation. Production from this asset will account for 19% of current production in Alaska, contributing the first significant new volumes of crude oil to the state in decades, which will help revitalize the industry, create jobs, and stimulate the local economy.
Twenty-eight development wells have been drilled in the first phase of the Pikka project, which, once completed, will comprise 45 wells operated from a single drilling platform, a seawater treatment plant, a remote operations center, and associated pipelines that connect to the existing infrastructure in the area.
The results of exploration and development in the first phase of Pikka have provided relevant information for the development of subsequent phases that will contribute to the future growth of Pikka as a major production hub on the North Slope, with existing nearby infrastructure, an experienced workforce, and a strong regulatory framework that reflects decades of energy development in Alaska.
Since 2011, Repsol has drilled 20 exploration and appraisal wells on the North Slope, including the Mitquq discovery in the Quokka Unit, east of Pikka, where the Quokka 1 appraisal well was successfully completed in April of this year, identifying a high-quality oil reservoir. Also included is the historic Stirrup discovery in the Horseshoe Unit, further southwest, the largest conventional oil discovery on U.S. soil in the last 30 years.
Last November, Repsol was awarded 45 new exploration concessions in a state bidding round in Alaska. Furthermore, last March, its commitment to the state was reinforced after securing 42 new exploration licenses in the latest federal bidding round. Both concession blocks support future development plans, further strengthening the company's position and future potential in Alaska and the United States.
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
