Oil Search Hikes Oil Potential Of Alaskan Oil Discovery
It could be even bigger, according to Oil Search Ltd.
The Papua New Guinea-based company this year acquired a stake in the discovery, which is an extension of the Pikka Unit Nanushuk development, and other assets. The Nanushuk area assets cover a 1,115-square-mile area.
“We presently see significant upside potential from the 500 million barrels assumed in our acquisition case, targeting an additional 250-million-barrel potential under this drilling program,” Peter Botten, managing director of Oil Search, said while delivering the company’s first-half results this month.
The Horseshoe section, located about 20 miles south of Pikka, could hold another 300 MMbbl or more.