Oil companies plan $2.6 billion North Slope investment

ANCHORAGE (AP) — Two oil and gas companies have announced plans to invest $2.6 billion into developing a major oil field on Alaska’s North Slope.

Australia-based Santos and Spain-based Repsol made the announcement, which was lauded by Alaska political leaders as positive news for state revenues and jobs.

Santos, which has a 51% stake in the Pikka project, said Aug. 16 that its investment will be $1.3 billion. Santos last year acquired Oil Search of Papua New Guinea, which had been working for several years to advance the project.

Santos, in a statement, said the funds will cover the initial ph...