Australia's Santos Achieves First Oil at Alaska Project
Santos and Woodside rose as oil prices climbed above $US111 a barrel and the Pikka Phase 1 project reached first oil.
- Santos achieved first oil from the Pikka Phase 1 development on Alaska's North Slope on Monday, lifting energy sector shares 2.5 per cent as oil prices rebounded.
- Australian shares fell to a near seven-week low as a stalemate over the Iran war pushed Brent crude prices above $US110 a barrel during the US-Iran conflict's 12th week.
- Rising inflation concerns sent bond yields higher globally, with the ASX Index dropping 1.4 per cent to 8509.60 as 10 of 11 sectors closed lower and bonds fell in Australia and New Zealand.
- Industrials led the decline, with Brambles diving 18.1 per cent—the most in 24 years—after an earnings downgrade, while Elders plunged 21.8 per cent following a first-half earnings miss.
- Pro Medicus added 2.8 per cent after signing a seven-year, $90 million contract with Beth Israel Lahey Health to deploy Visage 7, while Mayne Pharma expanded Kentucky operations amid strong DistributeRx demand.
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Almost 15 years after the discovery and preparation of the operation, Repsol has already begun to produce oil in Pikka, in the North Slope of Alaska. Production, which will share with the Australian Santos group (51%) and in which the Spanish group will operate, will reach the level of 80,000 barrels of crude oil per day in the third quarter of this year, when the first revenues are also expected, with the partners alternating shipments.
North Slope Pikka Project Strikes First Oil
The following is a reprint of a press release from Santos, approved and authorized for release by Kevin Gallagher, Managing Director and Chief Executive Officer. Santos today announced first oil from the Pikka phase 1 development on Alaska’s North Slope, with oil flow established through the Lease Automated Custody Transfer (LACT) meter into the Pikka […] The post North Slope Pikka Project Strikes First Oil appeared first on Must Read Alaska.
ASX 200 LIVE: ASX falls as oil rises above $US110; Brambles, Elders sink on trading updates
Shares drop as bond yields, oil prices jump; Singapore suspends Tuas merger review; Brambles downgrades profit outlook; Elders sinks amid diesel warning; Santos starts Pikka oil flow. Follow live.
Santos achieves first oil at Pikka on Alaska's North Slope
Santos achieved first oil from the Pikka phase 1 development on Alaska’s North Slope, with oil flow established through the lease automated custody transfer (LACT) meter into the Pikka sales oil line. Santos operates the project and holds a 51% interest in the Pikka Unit, with partner Repsol holding the remaining 49%. Production has initiated … The post Santos achieves first oil at Pikka on Alaska’s North Slope appeared first on Drilling Contrac…
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