Pikka project startup strengthens Repsol position on Alaska’s North Slope as production ramps toward 80,000 barrels per day

Pikka project startup strengthens Repsol position on Alaska’s North Slope as production ramps toward 80,000 barrels per day

(IN BRIEF) Repsol and Santos Limited have achieved first oil production at the Pikka project on Alaska’s North Slope, with production expected to reach 80,000 barrels per day during the third quarter of 2026. The development marks Repsol’s first producing project in the region and is expected to contribute significantly to Alaska’s oil output. The project includes dozens of development wells and major supporting infrastructure, with further growth phases expected in the future. Repsol said the milestone reinforces its long-term commitment to energy development in the United States and its expanding presence in Alaska following several exploration successes and new lease awards.

(PRESS RELEASE) MADRID, 18-May-2026 — /EuropaWire/ — Repsol and Santos Limited have announced the start of oil production at the Pikka development on Alaska’s North Slope, marking a major milestone for one of the region’s most significant recent energy projects.

The partners confirmed that oil has begun flowing through the Lease Automated Custody Transfer (LACT) system into the Pikka oil sales pipeline. Production is expected to continue ramping up and is forecast to reach a plateau of 80,000 gross barrels of oil per day during the third quarter of 2026.

Repsol holds a 49% interest in the project, while Santos Limited owns 51% and serves as operator.

Josu Jon Imaz, Chief Executive Officer of Repsol, described the launch of production as the result of a long-term strategic decision to develop an asset originally discovered by the company in Alaska’s North Slope region. He said the project is expected to play an important role in revitalizing Alaska’s oil industry after decades of declining production while establishing Pikka as a major production hub in the region.

The project represents Repsol’s first producing asset on Alaska’s North Slope, where the company was instrumental in the discovery of the Nanushuk geological formation. Once production reaches plateau levels, output from Pikka is expected to account for approximately 19% of Alaska’s current oil production, making it one of the state’s most important new crude oil developments in recent decades.

Development activities for the first phase of the project have included the drilling of 28 wells. Upon full completion, the Pikka project will include 45 wells operating from a single well pad, together with a seawater treatment facility, a remote operations center and pipeline connections integrated into existing North Slope infrastructure.

The companies said data gathered during exploration and development activities in the initial phase is expected to support future expansion phases and strengthen Pikka’s role as a long-term production center in the region. The North Slope area already benefits from established energy infrastructure, an experienced workforce and a mature regulatory framework shaped by decades of oil development in Alaska.

Since 2011, Repsol has participated in the drilling of 20 exploration and appraisal wells on the North Slope. These include the Mitquq discovery at the Quokka Unit and the Stirrup discovery in the Horseshoe Unit, which the company described as the largest conventional onshore oil discovery in the United States in thirty years.

Repsol has also continued expanding its exploration footprint in Alaska. In late 2025, the company was the highest bidder for 45 exploration blocks in a statewide lease sale, followed by the award of an additional 42 federal exploration blocks earlier this year.

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SOURCE: Repsol