Santos, as operator of the Pikka Unit joint venture, has made a final investment decision (FID) for the US$2.6bn Pikka Phase 1 oil project located on the North Slope of Alaska (United States), which contains an estimated 768 mbl of recoverable oil. Pikka Phase 1 is expected to produce 80,000 bbl/d. First oil is scheduled for 2026. The project will use existing infrastructure, including the Kuparuk transportation pipeline and the Trans-Alaska pipeline system. Santos has a 51% interest in the Pikka Unit. The remaining stake is held by Repsol.
In July 2022, the United States released a five-year plan for offshore oil and gas leasing, inviting public comment on 10 potential sales in the Gulf of Mexico and one in the Cook Inlet off south-central Alaska. The proposed program removes federal waters off the Atlantic and Pacific coasts from consideration. In 2021, the country was the largest oil producer in the world, with an output of 15.04 mb/d (stable compared to 2020).