Deal Insight
Oil Search finds its way into Alaska with US$400 million deal at Pikka field
Report summary
Papua New Guinea-specialist Oil Search surprised the market with a US$400-million entrance to Alaska's North Slope. The region has been a bright spot for global conventional exploration, with two major discoveries announced in the legacy basin this year. Both of these discoveries, and Oil Search's acquisition, have been in the embryonic Nanushuk play. Oil Search acquired a 25.5% interest and operatorship in the Pikka Unit as well as various stakes in other exploration acreage from Armstrong Oil & Gas and GMT Exploration, pure-play Alaska explorers. Oil Search's move into Alaska is a departure from its core business, thematically and operationally. Papua New Guinea (PNG) accounts for the company's entire commercial portfolio and Liquefied Natural Gas (LNG) comprises 95% of the company's remaining value. The company will face a steep learning curve taking on a new resource theme in Alaska's localised and unique operating environment.
Table of contents
- Executive summary
- Transaction details
-
Upstream assets
- Pikka Unit and Horseshoe blocks
- Hue Shale and other exploration acreage
- Deal analysis
-
Upsides and risks
- Upsides
- Risks
-
Strategic rationale
- Armstrong Oil & Gas
- Oil Search
- Oil & gas pricing and assumptions
Tables and charts
This report includes 8 images and tables including:
- Executive summary: Table 1
- Oil Search's acquired footprint on Alaska's North Slope
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
What's included
This report contains:
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