Graphic Business News

Aker, partners plan $10bn investment in new blocks

By: Jessica Acheampong
Mr John Peter Amewu — Minister for Energy
Mr John Peter Amewu — Minister for Energy

Lead operator of the Deepwater Tano Cape Three Points block (DWT/CT), Aker Energy and its partners, Lukoil, Fuel Trade and Ghana National Petroleum Corporation (GNPC) are to make a US$10 billion capital investment in the development of the oil field.
The investment is part of the projected total spend of the field which is expected to start producing oil in the fourth quarter of 2021.
Aker Energy’s entry into the Ghanaian oil and gas landscape started in 2017 when it completed the acquisition of the stake of Hess’s interest in the DWT/CT License and has since prepared for an expansive drilling programme with Pecan 4A being the first of three planned wells.

“Based on existing subsurface data from seismic and wells drilled, including an analysis of the Pecan-4A well result, the existing discoveries are estimated to contain gross contingent resources (2C) of 450 – 550 million barrels of oil equivalent (mmboe). Aker Energy estimates that with the next two well targets, the total volume potential is 600 – 1,000 mmboe.”
“In order to fully develop the DWT/CT, the partners will be required to make significant capital investment in Ghana with estimates of total project spend in excess of US$10bn,” a statement from the Ministry of Finance said on February 14.
Last month, Aker Energy ASA announced the biggest oil find in Africa, of 450-550 million barrels, with potential recoverable reserves of nearly one billion barrels.

Increased production
Aker Energy ASA has confirmed a significant offshore resource base in Ghana and has committed to scale up new development in the Deepwater Tano Cape three points block (DWT/CT).
Finance Minister, Mr Ken Ofori-Atta, who led a Government of Ghana delegation to  Oslo, Norway, last week said overall crude oil production from Ghana was expected to more than double over the next four years.
“Overall, crude oil production is expected to increase from 196,089 barrels per day in 2019 to 420,020 barrels per day in 2023. First oil from the Aker fields is expected between the last quarter of 2020 and first quarter of 2021,” he said.
He also explained that Ghana had re-asserted itself strongly as a key destination for petro-chemical industry players.
“Going forward, the vision of government is to create an optimistic, self-confident and building a prosperous nation, through the creative exploitation of our human and natural resources and operating within a democratic, open and fair society in which mutual trust and economic opportunities exist for all,”  he added .

Aker Energy in Ghana
Aker Energy Ghana AS, a subsidiary of Aker Energy AS, completed the acquisition of Hess Ghana, the operator of the Deepwater Tano Cape Three Points block ("DWT/CTP") with a 50 per cent participating interest in the license.
Aker Energy, thus became the operator of the DWT/CTP block with a 50 per cent interest through Hess Ghana (which will change its name to Aker Energy Ghana Limited) and would work closely with the other partners in Lukoil (38%), Fuel Trade (2%) and Ghana National Petroleum Corporation (10%)

The Block
The DWT/CTP block is centrally located within the Tano Basin, with gross discovered contingent resources estimated to be 550 million barrels of oil equivalent and a remaining prospective volume upside of around 400 million barrels.
Information sourced from the website of Aker Energy said the company was planning to develop the Pecan field in the DWT/CTP block with a purpose-built FPSO connected to a subsea production system at 2,400 meters below sea level offshore Ghana.
The company was also analysing further the targets of last year and is currently planning an appraisal drilling campaign.