Australian Oil Search plans to make the final investment decision on the Pikka project in Alaska next year and launch production in 2025, chief executive Keiran Wulff told investors in a company announcement this week. The breakeven cost of Pikka has come down to $40 a barrel, but the company and its partner in the development, Spain’s Repsol, plan a further reduction to $35 a barrel by 2025. The cost of the development of Pikka is seen at about $3 billion. “While further appraisal will be required, the 2020 Mitquq and Stirrup oil discoveries, which lie close to existing and planned infrastructure, both have the ... (full story)