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OIL SEARCH PIKKA TRIAL

The project, which boasts a breakeven cost of less than US$40 (around A$50.65) per barrel for Brent crude, including a 10 per cent return, is one of several major growth investments in the global energy sector that were put on hold last year after the oil price crash in March.īut with an improving outlook, the plans have now been revived, and Pikka represents Oil Search’s first major project outside of Papua New Guinea. “Through FEED we expect to deliver a more detailed and robust project that further reduces risk and improves the project’s value,” he added. “The team has already done a tremendous amount of work to deliver a project concept that is cost-effective over a wide range of oil prices,” said Keiran Wulff, Managing Director of Oil Search. Phase one of the Pikka Project, which will be capable of producing 80,000 barrels of oil per day from 2025, will feature a single initial drill site - Nanushuk Drill Site B - as well as pipelines, operations pad infrastructure and camps. With the final go-ahead for construction expected later this year, this work will include finalising the design scope, execution plan, budget and schedule, which the company said will reduce project risk and ensure the design can deliver maximum value from the “giant” Nanushuk reservoirs. Oil Search (OSH) has begun front-end engineering and design (FEED) work for phase one of its US$3 billion (roughly A$3.8 billion) Pikka Project.

Oil Search is up 1.23 per cent to $4.10 per share.

Pikka is the company’s first major project outside of Papua New Guinea and was put on hold last year following the oil price crash in March.

Phase one is expected to deliver 80,000 barrels of oil per day starting in 2025 at a breakeven cost of less than US$40 (around A$50.65) per barrel for Brent crude.

This work will include finalising the design scope, execution plan, budget and schedule for a single drill site, pipelines and operations pad infrastructure.

Oil Search (OSH) has begun front-end engineering and design (FEED) work for phase one of its US$3 billion (roughly A$3.8 billion) Pikka Project.

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OIL SEARCH PIKKA TRIAL

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