First Pikka Oil Cargo Loaded from Alaska North Slope

What happened

Late Monday, Aug. 10, Santos loaded the first crude oil cargo of 450,000 barrels from the Pikka phase 1 development on Alaska's North Slope. The cargo, aboard the Polar Resolution at the Valdez Marine Terminal, is destined for the U.S. West Coast refining system. Pikka phase 1 is currently producing approximately 23,000 barrels of oil per day (gross), building toward plateau production of approximately 80,000 barrels per day expected in the third quarter of 2026.

Why it matters

Santos Managing Director Kevin Gallagher stated this marks the commencement of commercial exports from Pikka and a key milestone. Santos holds a 51% interest in the Pikka Unit, with Repsol holding the remaining 49%. The project demonstrates Santos' capability to develop world-class resources safely and efficiently. With Pikka phase 1 now in operation, the focus is transitioning to a disciplined, low-cost operating model to maximize long-term value for shareholders. Santos also holds 2C contingent resources of 177 mmboe (net) for the Quokka Unit alone at the end of 2025.