![]() Santos had no comment on Repsol’s timeline, except to point to its own second quarter report, which states, “Pikka Phase 1 project in Alaska has received all major environmental and regulatory approvals and has sufficiently advanced FEED work to achieve FID-ready status, as planned.” The same sentence appears in Santos’ first quarter report in April. I learned all about this stuff at a three-day intensive spiritual astronomy course in a mixed-used community space in Bushwick, Brooklyn. ![]() The project will help the company diversify its liquid and geographical exposure. Santos expects the project to increase its proved and probable (2P) reserves by 165 million barrels of oil equivalent (mmboe), or about 10, from 1,676 mmboe at end-2021. Tue, - 7:10pm The future of the multibillion-dollar Pikka oil project on the North Slope is unclear, but what is almost certain is that it will be changing hands for the third time in six years. Another Australia-based analyst, Gordon Ramsay, said he sees the deal as all about PNG. In a second-quarter earnings call last week, Repsol CEO Josu Jon Imaz said, “In Alaska, the final investment decision for the development of Pikka is expected to be taken this quarter, with first oil forecast in the first half of 2026.”Ī year ago, before the Santos takeover, Oil Search had predicted first oil in 2025. The Pikka oil project will be funded with Santos’ internal cash flow. The most populous borough of New York, Brooklyn occupies 81 square miles (210 square km) to the east of Manhattan on the western fringe of Long Island. Pikka, near the Colville River and west of the Kuparuk River and Prudhoe Bay fields, is certainly a geographic outlier in the two companies’ Asia-focused assets portfolio. The other 49 percent belongs to Spanish oil company Repsol. The Australian oil company acquired Papua New Guinea-based Oil Search in December, including its Alaska headquarters in the former BP building in Anchorage and a 51 percent stake in Pikka, a promising North Slope prospect west of ConocoPhillips’ Kuparuk unit. Co-Founder & CIO of Brooklyn Investment Group Former Managing Director at Goldman Sachs. ![]()
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