Pikka Project in Alaska Ships First Cargo of 450,000 Barrels

The Pikka project in Alaska has reached a major milestone with the departure of its first cargo, carrying 450,000 barrels of crude oil. This marks the beginning of the commercial phase for the project, which is operated by Santos and Repsol in partnership.

The cargo was loaded onto the Polar Resolution tanker at the Valdez Marine Terminal and will be transported to refineries on the U.S. West Coast.

Pikka Phase 1 aims to produce approximately 80,000 barrels per day (bpd), with the project currently producing around 23,000 bpd. The development represents one of Alaska's major new oil projects and is expected to bring approximately 400 million barrels of gross proven plus probable (2P) reserves into production.

Santos and Repsol are also preparing for a potential second phase, which could add approximately 40,000 gross bpd of additional production. However, this expansion has not yet reached a final investment decision and is still being evaluated.