The departure of the oil executive clouds the future of the North Slope project

The departure of the oil executive clouds the future of the North Slope project

Oil Search and Repsol estimate Pikka could produce 80,000 barrels of oil a day in the first phase of development in 2025. Oil Search was expected to determine by the end of 2021 whether to commit funding to the multibillion-dollar project.

Keiran Wulff resigned as managing director of Oil Search due to a worsening medical issue that has also come during a whistleblower complaint about his behavior, the company’s chairperson, Rick Lee, said during a call with financial analysts Monday. Wulff had directed Oil Search’s Pikka project for the last three years, the Anchorage Daily News reported. The New Guinea-based company has been working with Repsol, a Spanish company, to develop Pikka, which is located on state land east of the National Petroleum Reserve-Alaska and the major ConocoPhillips’ Willow project. “If the market has felt that that was the case in the past, it’s certainly not the case today,” Lee said.

There is now no specific date for when the company will make a final decision on whether to fund the project, he told analysts. Oil Search and Repsol need to agree with investors on an appropriate level of funding and risk for Pikka, he said, adding that the company has the same level of passion for it as Wulff did.

“For us, it’s very much a matter of how and when we fund this project going forward,” he said. A whistleblower complaint filed last month prompted the company to begin an internal investigation in Wulff’s behavior, Lee said. “The board entered into discussions with Dr. Wulff following the receipt of recent concerns and complaints about his behavior,” Lee said. “In (the) view of the board, this unacceptable behavior was inconsistent with the standards required under the company’s code of conduct.”

A medical condition that has worsened prompted Wulff’s resignation, Lee said. No other details on the medical condition were released.

The News Highlights

  • The departure of the oil executive clouds the future of the North Slope project
  • Check the latest update on business news
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
How about 'Monkey Business' in Clinton?
Evacuation order suspended after chemical spill at Texas plant
The evacuation order had remained in place within a half-mile (0.8-kilometer) radius of the plant, but that was lifted by midday Thursday. Dow Chemical said ...
Dates, Games, Leaks, and More
Dates, Games, Leaks, and More
It seems fair to say Games With Gold has been a bit lackluster as of late. In comparison to PS Plus, the games are a little less exciting and much more ...
Never eavesdrop on a journalist’s phone call
Never eavesdrop on a journalist’s phone call
“Can you get me a knife sharpener and industrial tape”? I phone my wife who is on an errand at our favourite shopping area. If someone taps into my phone to ...
Protest breaks out at Insein prison in Myanmar amid COVID outbreak |  military news
Protest breaks out at Insein prison in Myanmar amid COVID outbreak | military news
Prison spokesperson Zaw Zaw did not answer phone calls from Reuters seeking comment about the protest and the report that the military had intervened. He told ...
Facebook’s web app offers cloud gaming to iPhone and iPad
Facebook’s web app offers cloud gaming to iPhone and iPad
But thanks to Apple’s rules, it’s unclear how people will find it, since third-party developers like Facebook are barred from steering their app users to ...
With AR, Apple’s Measure app could get fast, automated measurements
With AR, Apple’s Measure app could get fast, automated measurements
The Measure app on iPhone became useful, and more accurate, once LiDAR was introduced. Now Apple has been researching bringing its Apple AR technology to ...
New Mexico reports 3 new deaths, 244 additional cases of COVID-19
New Mexico reports 3 new deaths, 244 additional cases of COVID-19
As of Friday, there are 196,442 COVID-19 cases designated as having recovered by the NMDOH. The state reported that 106 individuals are currently being ...
Prince Charles and Jony Ive collaborate on a sustainable design competition
Prince Charles and Jony Ive collaborate on a sustainable design competition
Terra Carta Design Lab has invited 2,300 students selected from the RCA’s architecture, arts & humanities, communication, and design schools, including ...
Here are 5 popular AAA PS4 games that are only $5 each
Here are 5 popular AAA PS4 games that are only $5 each
As alluded to, these deals are a limited-time offer. More specifically, each and every deal below is only available until August 18. After this date, each ...
UK Tourists Booking France Could Lose Money If They Don’t Go |  Consumer defense
UK Tourists Booking France Could Lose Money If They Don’t Go | Consumer defense
Guardian Money readers have reported finding their deposits would not be rolled over for another year by their accommodation providers, as they were deemed to ...
Show next
Compsmag - Latest News from tech, business and health
Logo