Santos achieves first oil from Pikka phase 1 on Alaska's north slope, targeting 80,000 bbl/day plateau

Santos has achieved first oil from the Pikka phase 1 development on Alaska’s North Slope, with initial ramp-up to 20,000 bbl/day over coming weeks and an expected plateau of 80,000 bbl/day during Q3. Santos operates with 51% interest; Repsol holds 49%.

Santos has announced first oil from the Pikka phase 1 development on Alaska’s North Slope, with oil flow established through the Lease Automated Custody Transfer meter into the Pikka sales oil line, according to official disclosures.

Santos operates the project with a 51% interest in the Pikka Unit, and partner Repsol holds the remaining 49%. Initial ramp-up to 20,000 bbl/day (gross) will occur over the next few weeks, with intermittent production as key subsystems are brought online. After water injection is established following start-up of the Seawater Treatment Plant, together with well inventory buildout, the project is expected to reach a production plateau of 80,000 bbl/day during the third quarter. At first oil, 28 development wells have been drilled, of which 21 have been stimulated and flowed back.

First sales revenue is expected approximately two to three months after first oil, with Santos and Repsol alternating tanker shipments from the Port of Valdez. This development matters because Pikka is a tier-one asset in one of the world’s super basins. Santos managing director noted that Alaska has a huge runway for value-accretive production growth. Earlier Quokka-1 appraisal results demonstrated the quality of Santos’ broader Alaska portfolio, with 2C contingent resources of 177 mmboe (net) for the Quokka Unit alone at end-2025.

Development of the Quokka and Horseshoe Units of the Nanushuk reservoir offers line of sight to strong production growth, subject to continued appraisal, development planning, and final investment decisions. Industries impacted include oil & gas exploration, Arctic drilling, and energy logistics.

Regional stakeholders include Alaska’s North Slope communities, the Port of Valdez, and state tax authorities.

For investors, Pikka’s ramp-up adds near-term production to Santos’ portfolio, while the Nanushuk formation represents a new generation play in an established super basin. The company plans to apply capital discipline and project execution capability demonstrated in Pikka phase 1 to future developments.

Santos is an Australian oil and gas exploration and production company headquartered in Adelaide.

Repsol is a Spanish energy company with global upstream operations.

Pikka is an oil field on Alaska’s North Slope, with phase 1 developed by the Santos-Repsol joint venture.