Pikka Phase 1 Oil Development Project

under commissioning/ramp-up

The Pikka phase 1 development on Alaska's North Slope is an oil production project operated by Santos with a 51% interest, alongside Spanish partner Repsol SA holding 49%. The project has achieved first oil flow, marking the transition from capital expenditure to revenue-generating production. It is expected to contribute close to 20% of Alaska's total oil production at full capacity, with an initial production target of 20,000 barrels per day ramping up to a plateau of 80,000 barrels per day in the third quarter of 2026.