Santos has turned Pikka from a construction project into a revenue line. The company loaded the first export cargo from its Pikka phase 1 development in Alaska onto the tanker Polar Resolution at the Valdez Marine Terminal: 450,000 barrels of Alaska North Slope crude, bound for the United States West Coast refining system.
Early days on the ramp
Pikka phase 1 is currently producing about 23,000 barrels of oil a day, gross. Santos is building toward a plateau of roughly 80,000 barrels a day, which it expects to reach in the third quarter of 2026. The first cargo marks the start of exports, but current output is still less than a third of that target.
| Metric | Figure |
|---|---|
| First export cargo | 450,000 barrels |
| Current gross production | about 23,000 b/d |
| Plateau target | about 80,000 b/d |
| Plateau timing | third quarter of 2026 |
| Santos interest in Pikka Unit | 51 percent |
| Repsol interest in Pikka Unit | 49 percent |
Who holds the field
Santos operates Pikka and holds 51 percent of the Pikka Unit. Repsol holds the remaining 49 percent. Santos said the project was delivered through a partnership with contractors, the State of Alaska, Alaska Native corporations and local communities.
Gallagher's read
Chief executive Kevin Gallagher said the cargo marked the start of commercial exports from Pikka and 'another important milestone' for Santos. He described the Nanushuk formation, where Pikka sits, as a 'new generation play in an established global super basin.' Gallagher said Santos is now shifting its focus from project execution to what he called its 'disciplined, low-cost operating model,' intended to build the project's long-term value for shareholders.
