Aker Energy takes Total Control of Hess’s Operations in Ghana

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Aker Energy Ghana, new operators of Deepwater Tano Cape Three Points block (DWT/CTP), is to submit a plan of development (PoD) on the block to country’s government in the second half of this year following  successfully purchase of Hess Ghana out of the block.

“We are very pleased to announce the completion of our acquisition of Hess Ghana, marking our formal entrance as an exploration and production (E&P) company in Ghana,” said Jan Arve Haugan, Chief Executive Officer of Aker Energy in a statement released on June 1.

The PoD will request government’s approval for expenditure itemisations and development techniques that will be used in the ultra-deep-water area, where discovered resources are estimated to be around 550 million barrels of oil
equivalent.

The acquisition was valued at $100 million and affected only Hess Ghana’s assets, with first oil from the block expected in the fourth quarter of 2021, the company noted.

The statement added that Aker Energy Ghana, which acquired Hess Ghana’s 50 per cent stake in the block, was now prepared to lead oil E&P activities in the country and envisages to “operate several field developments in Ghana in the future.”

The statement stated that following the successful completion of the transaction in February this year, Aker Energy Ghana, a subsidiary of Aker Energy AS, will now work with the other partners – Lukoil (38%), Fuel Trade (2%) and the Ghana National Petroleum Corporation (10%) – to develop the block for oil production to begin.

 

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