Appraisal work was undertaken in 2019 that increased the potential resource past the original 500 mmbbls to 728 mmbbls. Pikka was discovered in 2013 and is in the final stages of permitting. The Pikka field is located on the Alaska North Slope and is operated by Australian-based Oil Search. Effective Date Acreage Royalty Working Interest Owner Working Interest 68 640.00 State of AK 8.33333% ASRC 8.33334% Armstrong Energy, LLC 100.00% 70 640.00 State of AK 9.95167% ASRC 6.71500%. The layer just beneath, the Torok formation, extends offshore and may prove to be even richer. Pikka unit - Approval of the Application to Expand the Pikka Unit of 37 Tract No. Further drilling in 2015 discovered economically viable flow rates, and more exploration to the south established Nanushuk as the largest onshore find in the United States since the ‘80s, with an estimated 768 million barrels of recoverable oil.
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Mr Fredricson reiterated Oil Search’s views on the benefits of a merger with Santos, saying it would bring “greater access to capital markets to enable funding for new and existing opportunities”.Download the latest version of Pikka for Mac - Color picker for developers and designers. “Both LNG and oil markets remain strong, with spot LNG markets continuing to exhibit high volatility and record highs which is a supportive environment for market soundings in respect of new medium-and-longer term LNG sales contracts.”
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“Our outlook for the 2021 full year remains positive as we tighten our production guidance and maintain our operating cost guidance despite the additional costs associated with the management of the impact of COVID-19,” he said. Still, acting chief executive Peter Fredricson described output in the quarter as “strong”, saying it demonstrated the resilience of the company’s operations. Oil Search narrowed its guidance for full-year production to between 26 million and 28 million boe, from its earlier range of 25.5 million to 28.5 million boe, leaving the mid-point unchanged. Production edged up 5 per cent from the June quarter to 6.9 million barrels of oil equivalent. The September quarter revenue figure was within the range of analyst forecasts, although JPMorgan analyst Mark Busuttil said it fell short of its expectations in revenue, production and sales volumes. That was below Santos’ average LNG price in the quarter, but higher than Woodside Petroleum’s and comes as gas prices surge to crisis levels in the UK, Europe and parts of Asia. Oil Search posted sales from its operations of $US409 million in the September quarter, boosted by a 16 per cent increase in the average price received for LNG and gas to $US10.02 per million British thermal units. The PNG LNG venture near Port Moresby has benefited from stronger gas prices. The merger will give Santos control of Oil Search’s Pikka oil project in Alaska, putting doubt around whether the revised target for a final go-ahead in the June half of 2022 will be reached given speculation Santos may look to sell the asset. An initial court hearing in PNG is scheduled for Wednesday. The Papua New Guinea oil and gas producer is heading for a $21 billion merger with Santos, the documentation for which is due to be released this week. To-be-merged Oil Search has pushed back the timing for a final investment decision on its $US3 billion ($4 billion) Alaskan oil project and signalled a slight slowdown in LNG expansion in Papua New Guinea as it posted a 12 per cent jump in quarterly revenue.
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