Companies plan $2.6B investment in major Alaska oil project

ANCHORAGE, Alaska (AP) — Two oil and gas companies have announced plans to invest $2.6 billion into developing a major oil field on Alaska’s North Slope. The Anchorage Daily News reports that Australia-based Santos and Spain-based Repsol made the announcement Tuesday. The announcement was cheered by state political leaders. Santos has a 51% stake in the Pikka project, and the company says its investment will be $1.3 billion. Santos last year acquired Oil Search of Papua New Guinea, which had been working to advance the project. If developed, the field on state land east of the National Petroleum Reserve-Alaska could significantly boost the flow of oil through the trans-Alaska pipeline system.