• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 12 mins U.S. Presidential Elections Status - Electoral Votes
  • 8 hours *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 23 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Americans are not agreement capable.
  • 4 hours 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 3 days America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Battery storage 30% cheaper than new gas peaker plants, Australian study finds
  • 1 day Joe Biden's Presidency
  • 1 day Forecasts for Natural Gas
Australian LNG Exports To China Are Bouncing Back

Australian LNG Exports To China Are Bouncing Back

Chinese imports of Australian LNG…

Oil Turns Higher As EU Looks To Welcome Vaccinated Tourists

Oil Turns Higher As EU Looks To Welcome Vaccinated Tourists

Oil prices recouped earlier losses…

Oil Search Ready To Restart Alaskan Crude Production

Australian Oil Search plans to make the final investment decision on the Pikka project in Alaska next year and launch production in 2025, chief executive Keiran Wulff told investors in a company announcement this week.

The breakeven cost of Pikka has come down to $40 a barrel, but the company and its partner in the development, Spain’s Repsol, plan a further reduction to $35 a barrel by 2025. The cost of the development of Pikka is seen at about $3 billion.

“While further appraisal will be required, the 2020 Mitquq and Stirrup oil discoveries, which lie close to existing and planned infrastructure, both have the potential to create substantial long-term value for Oil Search shareholders and have positive implications for the prospectivity of our remaining acreage,” Wulff said.

Oil Search also plans to sell a 15-percent stake in the project next year after it boosted the reserves of Pikka by a third following new drilling to about a billion barrels of crude.

“The last six months have been a catalyst for absolutely looking at every part of our business to be able to position us and grow our company at much lower oil prices,” Wulff said as quoted by Reuters.

Oil Search reported an 85-percent slump in net profits for the first half of its financial year and canceled dividend payments because of the crisis.

In addition to its oil business, Oil Search is also a partner of Exxon at the PNG LNG project in Papua New Guinea and of Total at the Papua LNG project. In its update this week, the company said it will now focus on the Total project as local political pressure is making the prospects of the Exxon project murkier.

“Whilst PNG is certainly the land of the unexpected, recent events in PNG are worth following closely,” Wulff said, as quoted by Reuters. “Comments by Total, the PNG government and the PNG opposition are increasingly supportive of advancing the Papua LNG project.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News