oil and gas producer SantosLtd has announced a positive FID on the $2.6billion Pikka Phase 1 project in Alaska resources investment earnings profit
PERTH – Oil and gas major Santos has announced a positive final investment decision on the $2.6-billion Pikka Phase 1 project, in Alaska, as the company reported record first-half results.
Santos said that taking an FID on Pikka Phase 1 was consistent with the company’s goal of achieving net zero by 2040. Santos is committed to delivering a net-zero project and has entered into memorandums of understanding with Alaska Native Corporations to deliver carbon offset projects, including a strategic alliance with ASRC Energy Services, a wholly-owned subsidiary of ASRC, on leading technology development for carbon solutions in the Arctic.
“We have a world-class team with a rich history of successfully carrying out work on the North Slope. With approximately 90% of project spend within North America, minimising supply chain risk, and civils work already completed, the project is well positioned for execution,” he added The results reflect significantly higher oil and liquefied natural gas prices compared to the corresponding period owing to stronger global energy demand combined with a higher interest in Papua New Guinea LNG following the Oil Search merger.
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