Santos Achieves Key Milestone at Pikka Oil Project

Santos has achieved a significant milestone at its Pikka oil project on Alaska's North Slope, moving closer to reaching plateau production. The company announced that seawater injection began on August 26th and has since been successfully completed, with current water injection around 40,000 barrels per day.

This is a crucial step in unlocking the project's full potential, as it provides pressure support to the reservoir and enables the ramp-up of production. The company aims to reach plateau production rates of approximately 80,000 gross barrels of oil per day by the end of the third quarter of 2026.

Continuous production at Pikka commenced in June 2026, with production wells currently delivering around 40,000 gross barrels of oil per day. Additional wells are planned to be brought online safely and progressively over the coming weeks.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said that seawater injection is a critical step in unlocking Pikka's production capacity. He stated that with pressure support now established and wells coming online progressively, the company continues to target plateau production rates by the end of the third quarter of 2026.

Pikka is a world-class asset, and Santos operates the project with a 51% interest in the Pikka Unit, while Repsol holds the remaining 49% interest. The project has been delivered in partnership with contractors, the State of Alaska, Alaska Native corporations, and local communities.