Norway’s Aker submits $4 billion plan to develop oil field in Ghana

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Norwegian oil company, Aker Energy has submitted to Ghana a $4.4 billion plan for developing the fourth oil producing field offshore in the country.

Aker in a statement Thursday said the total reserves at the Pecan field development in the Deepwater Tano/Cape Three Points (DWT/CTP) block are estimated at 334 million barrels of oil, with a plateau production expected at 110,000 barrels per day.

“This is a proud day for Aker Energy and our partners. After tremendous teamwork and strong collaboration with partners and Ghanaian authorities, we have submitted a comprehensive plan of development and operation.

“The plan, will once approved, ensure an efficient development and production of the Pecan field and further optimisation of the DWT/CTP petroleum resources in a way that will deliver value to the people of Ghana and to us and our partners,” said Jan Arve Haugan, Aker’s Chief Executive Officer.

The plan was submitted and presented to the Minister of Energy, Peter Amewu in Accra, Ghana.

“We are very satisfied to have reached this milestone together with Aker Energy and its partners. The submission of the integrated PDO has been a result of collaboration between the Contractors, GNPC, relevant agencies and the Ministry. The Pecan field will be the fourth producing oil field offshore Ghana and will strongly benefit the people of Ghana,” said John Peter Amewu, Ghana’s Minister of Energy.

The plan is subject to approval from relevant Ghanaian authorities. Upon approval, Aker will initiate a process to make a final investment decision (FID). First oil from the Pecan field is estimated 35 months after the FID is made.

Aker has a 50 per cent stake in Aker Energy, while Norwegian billionaire Kjell Inge Roekke owns the rest via his private firm TRG.

Aker Energy and partners expect the Pecan field development and subsequent phases to provide significant proceeds to Ghana. Furthermore, the partners have strong ambitions for developing a national oil and gas industry in Ghana.

“Aker Energy has a long-term ambition to go beyond regulatory requirements to develop the local oil and gas industry, through both investments and transfer of technology, know-how and skills. Therefore, our owner, Aker ASA, has recently initiated plans to establish a separate investment company, Aker Ghana Industrial Corporation, to support the local industry,” Mr. Haugan concluded.

Aker Energy Ghana Limited is the operator under the Deepwater Tano / Cape Three Points (DWT/CTP) Petroleum Agreement with a 50% participating interest. Its partners are Lukoil Overseas Ghana Tano Limited (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade Limited (2%).

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