![]() AIDEA, created in 1967 by the Alaska Legislature, has “a public purpose” to “increase job opportunities” and “encourage the economic growth of the state, including the development of its natural resources, through the establishment and expansion of … energy” and other projects. 24 in Alaska) said whether the phased approach will alter the peak oil production of the development, which Oil Search previously said would be 135,000 barrels per day, with expectations that value engineering work might increase it.ĪIDEA, or the Alaska Industrial Development and Export Authority, is a public corporation of the State of Alaska that can offer relatively low interest rates and longer payback periods. Neither Wulff nor the half year results released Aug. 25 from Sydney, Australia, Keiran Wulff, top executive of Oil Search Ltd., told Petroleum News that Phase 1 will involve one drilling pad versus three drilling pads, a smaller modular processing facility that can be expanded for subsequent phases and a flowline connecting to existing North Slope infrastructure. In addition to asking AIDEA to finance surface infrastructure for the Pikka project, operator Oil Search Alaska and its partner Repsol have switched to a phased approach for the North Slope unit that will reduce upfront development costs and allow cash flow from Phase 1 oil production to fund the subsequent two phases.Īlthough all details were not yet available as planning and discussions continue between the Pikka partners, on Aug. ![]() ![]() ![]() Oil Search finds way to advance project in volatile oil price environment Providing coverage of Alaska and northern Canada's oil and gas industry SEARCH our ARCHIVE of over 14,000 articles ![]()
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