Santos mulls options for Pikka
PERTH (miningweekly.com) – Oil and gas major Santos is weighing the development options for the Pikka oil project, in Alaska.
Pikka was acquired as part of the acquisition of fellow listed Oil Search last year.
Santos chairperson Keith Spence told shareholders at the company’s annual general meeting on Wednesday that the project is a very low emissions-intensity oil project in the world-class, producing hydrocarbon province on the North Slope of Alaska.
The project is currently being progressed towards being sanction ready by the middle of this year.
“Value from the Pikka project may be delivered through sell-down processes and/or participation in project development,” Spence told shareholders.
Phase 1 of the Pikka development will consist of 80 000 bl/d from a single drill site development, with the project to benefit from existing pipeline and other infrastructure. The project would also offer expansion benefits from efficient and phased project execution and modular facilities, Santos previously said.
For the 2022 financial year, Santos has targeted a capital spend of $300-million in Alaska, including the potential development of the Pikka project.
CEO Kevin Gallagher told shareholders that the company would be disciplined in taking further financial investment decisions, ensuring that its growth projects, including Pikka, fitted with the company’s strategy and met its commercial and economic hurdles, including equity interest levels and joint venture alignment.
“As we move into our disciplined growth phase and integrate the Oil Search business, we will maintain our strong focus on costs, and ensure we live by our disciplined, low-cost operating model to drive shareholder returns,” he said on Wednesday.
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