Hilcorp Alaska is purchasing Eni’s Alaska fields, expects to increase production

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Hilcorp Alaska is purchasing Eni’s Alaska ownership interests in the Oooguruk and Nikaitchuq fields on the North Slope, Must Read Alaska has learned.

Eni is an Italian company. Its Nikaitchuq field, about eight miles northeast of Oooguruk, has been in production since 2011 and has yielded 16,000 barrels per day in 2023.

The Oooguruk field, with production facilities located on an artificial gravel island, has been in production since 2008 and produced roughly 6,600 barrels per day in 2023.

Hilcorp Alaska has operated in Alaska for more than 12 years and currently operates interests in the Cook Inlet Basin and on the North Slope. In 2020, following the acquisition of BP’s Alaska assets, Hilcorp became the largest oil a gas operator in Alaska and now employs more than 1,500 full-time employees.

Since entering the North Slope, Hilcorp has made substantial investments and introduced new technologies to the Basin, particularly at Milne Point.

Since taking over as operator in 2015, Hilcorp has invested nearly $1.5 billion dollars at Milne Point, focusing on expanding development of the Schrader Bluff, facility upgrades, and optimization.

Working with the University of Alaska Fairbanks, Hilcorp has successfully proven and ways to increase Milne Point production.

Milne Point production has nearly tripled, growing from roughly 18,400 barrels per day in 2014 to approximately 50,000 barrels per day today.

Hilcorp expects Milne Point production to near 60,000 barrels per day in the next two to three years.

9 COMMENTS

  1. Under Grandpa Bloodstains? Wishin’ and hopin’ won’t get you there.

    Better cut 20% through the new bagman.

  2. Of concern is the problem smaller companies have on the North Slope- access to pipelines, and treatment facilities. We need more competition on the North Slope- not less. Was ENI forced to sell by being denied reasonable access?

    Alaskans who have seen their Permanent Fund Dividends decrease, substantially, need to know Alaska does not allow monopolistic control of, and access, to our oil.

    • Did you not read the article? ENI is selling because they can make more money somewhere else. Santos recently won a suit to allow them to use Conoco Philips road to the Pikka Project. Hilcorp is a wholly owned PRIVATE company by Jeff Hildebrand.

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