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Santos to Boost Oil Output With $2.6 Billion Alaskan Project

  • Pikka field to produce 80,000 barrels of crude a day
  • Australian producer’s first-half profit more than tripled

Santos Ltd. has given the go-ahead for a $2.6 billion oil field project in Alaska to expand its production beyond the Asia-Pacific region. 

The producer and joint venture partner Repsol SA took a final investment decision on phase 1 of the Pikka development on Wednesday, Adelaide, South Australia-based Santos said in an earnings statement. The project is expected to produce 80,000 barrels a day of oil from 2026.