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Santos Approves $2.6 Billion Oil-Field Development in Alaska
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SYDNEY—One of Australia’s largest energy companies said it would proceed with the $2.6 billion development of a large oil field in Alaska, illustrating how the Ukraine war is providing impetus to alternative sources of supply to Russian crude.
Santos Ltd. , which has a market value of more than $16 billion, said the first phase of the Pikka oil project on Alaska’s North Slope would add an estimated 80,000 barrels per day of crude oil to the market after it starts up in 2026.
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