However, Oil Search rejected ConocoPhillips’ proposal to pay for using the latter’s roads.
ConocoPhillips is considered a potential buyer of that stake.ĬonocoPhillips proposed a $95-million one-time payment for longer use of its Kuparuk roads. The latest dispute could delay Santos’ divestment of its majority stake in the project, hampering its plan to raise $2-$3 billion from asset divestments this year. In February, Santos offered its 51% stake in the Pikka project for sale. It faces less opposition from environmentalists and indigenous groups than other major North Slope developments. The project could enhance the oil flow down the trans-Alaska pipeline by 25%. In 2021, Santos assumed operatorship of the Pikka project during its acquisition of Oil Search. Notably, Santos requires access to Kuparuk roads to conduct its operations. The $3-billion Pikka project is adjacent to the company’s KRU oil field. It is the largest oil prospect on Alaska state land in decades.ĬonocoPhillips operates the Kuparuk River Unit (“KRU”) on Alaska's North Slope. The dispute could cause setbacks for one of the state’s major North Slope oil developments - the Pikka project.
regarding road access in Alaska, per a report by Reuters. ConocoPhillips COP is involved in a dispute with Australia-based energy company Santos Ltd.
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