The formation extends over a broad area with the Mitquq well discovering resources that led to the formation of the Quokka Unit and the Stirrup discovery leading to the formation of the Horseshoe Unit. The company has also been careful to develop good relations with the nearby Inupiat community of Nuiqsut and the North Slope Borough, the regional municipal government. Nuiqsut owns surface lands in the area through its village corporation, Kuukpik Corp., and both Kuukpik and Arctic Slope Regional Corp., the regional Native development corporation for the North Slope, will share in oil production royalties from Pikka as well as the state of Alaska. Pikka Phase 1 will be net-zero on Scope 1 and Scope 2 emissions (equity share) from first oil through a combination of emissions reduction technologies on its production facilities and offsetting emissions that cannot be eliminated in field operations through an agreement with an Alaska Native corporation. The field itself is estimated to produce less than 14 tons of carbon dioxide equivalent per 1,000 barrels of oil produced, which is 75 percent less than Prudhoe Bay, according to a Wood Mackenzie analysis. — Tim Bradner THE LINK: JANUARY 2024 16 CONTINUED from PAGE 15
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