The gross Alaskan North Slope 2C resources in Oil Search’s portfolio have now moved up from 728 million barrels of oil (mmbbl) to 968mmbbl, of which 494mmbbl is the company’s share. The company has also announced a 33% increase in its Alaskan oil resources following conclusion and analysis of technical studies on the Mitquq and Stirrup exploration wells, which were drilled during the 2019/20 winter season. Oil Search said that it intends to launch a formal sale process, either on its own or in cooperation with its joint venture partner, to sell 15% of its stake in Pikka and other key Alaskan assets. The Australian firm owns 51% stake in the Pikka project, while its Spanish partner holds 49% interest. Oil Search owns 51% stake in Pikka project Phase 1 of the project will be based on a single drill site development that will have a production capacity of 80,000 barrels of oil per day (bopd). Oil Search and its joint venture partner Repsol are preparing to move ahead with the front-end engineering design (FEED) stage of the Pikka project early next year. The company said that it is now well positioned to proceed with the project in spite of the oil price challenges and the Covid-19 pandemic. The project involves development of the Pikka field in Alaska’s North Slope Basin. Oil Search is now looking to target first oil from the Alaskan oil project in 2025 with an initial investment of under $3bn. In May 2020, due to the then prevailing economic conditions, the company had decided to delay taking an FID on the project until a recovery in the oil market. Oil Search has announced a renewed focus on its Alaska operations, with plans to make a final investment decision (FID) on the Pikka project in late 2021. Repsol holds 49% interest in the Pikka project. First oil from the project in Alaskan North Slope is targeted for 2025 with an initial investment of under $3bn
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