The Alaska Department of Natural Resources Division of Oil and Gas said March 23 that Repsol E&P USA Inc. has applied to form the Pikka unit on the North Slope between the Colville River unit to the west, the Oooguruk unit to the east and the Placer and Tofkat units to the south. <p>
The proposed unit covers some 63,304.47 acres in 31 state and joint state-Arctic Slope Regional Corp. oil and gas leases. Thirty of the leases are held 70 percent by Repsol, 22.5 percent by 70 &148 LLC and 7.5 percent by GMT Exploration Co. LLC. One of the leases is held 70 percent by Repsol and 30 percent by 70 &148. <p>
Repsol has been exploring in the proposed unit area since 2012, when it drilled the Qugruk No. 2. In 2013 the company drilled four wells and two sidetrack horizontal wells and in 2014 it drilled two wells and one sidetrack in the proposed unit area. <p>
In its exploration plan Repsol said it would drill three wells during the next five years, including wells it is currently drilling, the Qugruk Nos. 8, 301 and 9. <p>
Repsol's Chief Executive Officer Josu Jon Imaz told analysts in a March 2 earnings call that the company will make a decision on whether to pursue development in Alaska early next year. <p>
- KRISTEN NELSON<p>
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See stories in March 29 issue, available online Friday, March 27 at www.PetroleumNews.com<p>