12/21/2023 0 Comments Pikka upgrades![]() The combination of the upward revision to the resources and Oil Search's recent increase of its stake in the Pikka project resulted in a 127 million barrel increase to Oil Search's "2C" resources to 371 million barrels. While Oil Search had previously stated a target to increase resources to 750 million barrels, RBC Capital Markets analyst Ben Wilson said the latest upgrade only includes resources that will be developed by the Pikka project. ![]() Other resources in areas not covered by the assessment offer the potential for a further increase, the company said. Mr Botten, who is retiring and set to hand over to Keiran Wulff, head of Oil Search's Alaskan operations, said a formal decision by all the joint venture partners to start front-end engineering and design work, or FEED, at Pikka is expected in early 2020.Īn independent assessor has increased the volume of "2C" contingent oil resources in the project to 728 million barrels, some 46 per cent more than the 500 million barrels assumed by Oil Search when it acquired its stake in the project in 2018. Oil Search is looking to give the go-ahead for construction at its Alaskan oil project in the September quarter of 2020. ![]() Sentiment around the stock has been affected in recent months by delays in Oil Search's LNG expansion plans in PNG as the new government seeks to improve the nation's "take" from the large resource development. Shares in Oil Search, which is primarily focused on Papua New Guinea, jumped as much as 3.6 per cent to $7.57 after outgoing managing director Peter Botten advised of "major progress" at the Alaskan project. Oil Search has announced a large boost to the amount of oil expected to be contained in its Pikka project in Alaska as the board approved a go-ahead for engineering work on the circa $8 billion venture.
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