The Repsol company and its Australian business partner, Santos , are exploring partnership opportunities, following the possible sale of interest in the Pikka field , three of the largest oil discoveries in the United States in the last three decades.
The energy panorama of American wells
The companies are collaborating with an “undisclosed banking entity” to coordinate the sale of a minority stake in the Pikka field . In addition, partial interests in the Horseshoe and Quokka fields are included, all located in the prolific North Slope region of Alaska, according to sources.
In addition to its large magnitude, the transaction could reach a value close to $1 billion . This agreement would allow Repsol and Santos to share the financial burden of the development of Pikka, estimated at around 2,555 million dollars.
Since entering Alaska in 2011, Repsol has been actively involved in the development of the North Slope region, with Pikka representing its first major project in the area. Under the direction of Josu Jon Imaz, Repsol owns 49% of the project, while Santos has the majority with 51%, having acquired its share from Oil Search.
The sale of the Pikka field
The Pikka development project is scheduled to begin production in 2026 , with an estimated capacity of approximately 80,000 barrels of oil per day. This development is considered important to provide additional supply to a global market that faces restrictions due to the decrease in investments in exploration and production in recent years .
During the first quarter of the year, the company has sold $120 million in assets in the Eagle Ford region, with plans for more sales. In 2022, the Spanish company incorporated the American fund EIG , specialized in energy and infrastructure, as a minority partner in its upstream business in a transaction valued at 4,845 million euros, including 1,400 million in debt.
The agreement with EIG, which now controls 25% of Repsol’s exploration and production division, could culminate in an IPO of this unit in 2026, a date by which the Pikka field is expected to be fully operational and has made progress in the development of the Campos 33 megafield in Brazil.
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Source: eleconomista.es
Photo: Shutterstock
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