Australian independent Santos has loaded the first cargo from its 80,000 b/d Pikka oil project, based in Alaska's North Slope (ANS) region.
The initial shipment of 450,000 bl of ANS crude left from the Port of Valdez on the Polar Resolution bound for the US west coast (USWC), Santos said on 11 August. Total ANS production averaged at 462,100 b/d in the week to 31 July, Alaskan government data show.
Continuous production at the field began in June. Output is currently averaging at 23,000 b/d, with full project capacity expected to be reached in the third quarter of this year.
Operator Santos holds a 51pc share of Pikka, and Spanish joint venture partner Repsol owns 49pc.
ANS crude was at $85.73/bl on 10 August, down from $127.42/bl on 4 May with strong USWC refining economics and supply concerns are boosting ANS values. Medium crude supplies remain tight due to uncertainty linked to the Middle East conflict, while the ANS 3-2-1 refining crack spread on the US West Coast averaged at a near-record $77/bl last week.
