Aker Energy is expected to apply a revised plan of development to the government by the end of this year, two years after its initial Plan of Development to enable the optimization of the Deepwater Tano/Cape Three Points (DWT/CTP) block was denied by the government.
This was revealed in a press release released by Aker Energy Ghana Limited, which Citi Business News obtained.
The press release comes only days after Aker’s CEO, Oyvind Eriksen, provided updates on Aker Energy AS, of which Aker Energy Ghana is a subsidiary, during the company’s First Quarter 2021 results presentation.
At the presentation, the CEO discussed a shift in policy for Aker’s Exploration and Production Company in Ghana, as well as cost reductions.
“The team has done an excellent job of revising the concept and policy, shifting from a consolidated FPSO method to a staggered plan to improve the capital in the region. The new policy maintains much of the demand, but the breakeven oil price is drastically lowered to about $30 a barrel, and the cost ratio is about half that of the initial proposal. The logical next phase is to create a Development and Operations Plan (PDO). However, we are still exploring potential alternatives for the company.”
Kadijah Amoah, CEO of Aker Energy Ghana Limited, explained her boss’ remarks in a press release, adding that the business is proceeding as expected with the latest phased growth concept for the Pecan sector, lowering breakeven costs.
“The team has streamlined the field construction concept to ensure a stable and cost-efficient project, that the breakeven cost to about half the initial cost,” she said.
According to the press release, Aker Energy and its collaborators are currently evaluating field planning ideas and FPSO candidates for redeployment, and the final decision will be focused on technological capability and expense.
“While the original field development concept was based on a centralized FPSO supporting the development of the entire Pecan field, as well as tie-ins of all other area resources, the focus per the statement has shifted toward a phased development approach. This approach will enable Aker Energy to commence with one FPSO for Pecan in the south and expand to a second FPSO in the north after a few years, with tie-ins of additional discovered resources. The first FPSO will be deployed at around 115 kilometres offshore Ghana over a subsea production system installed in ultra-deep waters in depths ranging from 2,400 to 2,700 metres.”
Aker Energy, in collaboration with its investors, reaffirms its pledge.
“We are all loyal to Ghana.” We are hopeful, together with our partners, that with this latest phased construction concept, we can soon see first oil in Ghana’s fourth offshore field,” said Kadijah Amoah.
Geophysical and geotechnical surveys will begin in late May 2021. These are essential for optimizing the Pecan Subsea Field Layout.
“With these surveys, we take an important move toward sending a Development and Operations Plan to the Government of Ghana and achieving first oil,” Mrs. Amoah said.
Aker Energy’s Background
Aker Energy Ghana Ltd is an exploration and production business that operates the Deepwater Tano Cape Three Points (DWT/CTP) block. It is a subsidiary of the Norwegian oil exploration and production firm Aker Energy AS.
It has a 50% participating stake in the licence, with the other members being Lukoil Overseas Ghana Tano Limited (38% ), the Ghana National Petroleum Corporation (GNPC) ( 10% ), and Fueltrade Limited (2 percent ).
The found deposits in the block range from 450 to 550 million barrels of oil equivalent.
Aker Energy aims to become the preferred offshore oil and gas producer in Ghana by maturing and generating resources in a stable, profitable, and dependable manner for the benefit of the business, partners, and the Ghanaian citizens.
Aker Energy AS is a subsidiary of the Norwegian Aker company, with Aker ASA and TRG AS holding the controlling stake. Aker Energy has operations in both Ghana and Norway.
Source: CITI BUSINESS NEWS
