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Aker — Regulatory Filings 2019
Mar 28, 2019
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Regulatory Filings
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Aker ASA: Aker Energy submits an Integrated Plan of Development and Operation for the DWT/CTP block offshore Ghana
Aker ASA: Aker Energy submits an Integrated Plan of Development and Operation for the DWT/CTP block offshore Ghana
(Accra/Oslo, 28 March 2019) Aker Energy Ghana Limited, as Operator on behalf of
its partners, Ghana National Petroleum Corporation (GNPC), Lukoil Overseas Ghana
Tano Limited and Fueltrade Limited, has today submitted an Integrated Plan of
Development and Operations (PDO) to Ghanaian authorities for the Deepwater Tano
/ Cape Three Points (DWT/CTP) block offshore Ghana.
"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," says Jan Arve
Haugan, Chief Executive Officer at Aker Energy.
The PDO was on Thursday 28 March submitted and presented to the Minister of
Energy, Hon. John Peter Amewu, at the Ministry of Energy 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," says Hon. John Peter Amewu, Minister of
Energy in Ghana.
Integrated PDO for a phased development
The integrated PDO presents an overall plan for a phased development and
production of the resources in the DWT/CTP contract area. The phased development
plan will start with the development of the Pecan field as a firm phase one,
being the largest of several discoveries in the area.
The PDO is subject to approval from relevant Ghanaian authorities. Upon PDO
approval, the partners 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.
The main Pecan field, located in ultra-deep waters ranging from 2,400 to 2,700
metres about 115 kilometres offshore Ghana, will be developed with a Floating
Production Storage and Offloading (FPSO) vessel and a subsea production system
(SPS). The FPSO will be the centre for processing and exporting of crude oil
from the field. The development of the Pecan field will comprise of up to 26
subsea wells. It is planned for 14 advanced, horizontal oil producers and 12
injectors with alternating water and gas injection (WAG), and the use of
multiphase pumps as artificial lift, to maximise oil production.
Maximising oil production for the long term
Total reserves from the Pecan field development are estimated to 334 million
barrels of oil, and plateau production is estimated to 110,000 barrels of oil
per day. Production from the field is expected to last for more than 25 years.
The total investments (CAPEX) to develop these reserves are estimated to USD
4.4 billion, excluding the charter rate for a leased FPSO.
The Pecan field centre will have the flexibility to tie-in subsequent
development of resources. In addition to the reserves to be developed in the
first phase, the area holds discovered contingent resources (2C) of 110-210
million barrels of oil equivalent (mmboe), combined resulting in an estimated
volume base of approximately 450-550 mmboe. Total resources in the area have the
potential to increase to between 600-1000 mmboe, provided successful appraisal
drilling activity. Data analysis and appraisal drilling are currently ongoing at
Pecan South and Pecan South East.
"In addition to the FPSO for the Pecan field development, Aker Energy has
entered into an option agreement with Ocean Yield ASA for a second FPSO,
Dhirubai-1. If the option is exercised, Dhirubai-1 could either be used to
accelerate production or for other, potential developments dependent on volumes
and geographical distribution of these," Mr. Haugan says.
Beyond local content
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 concludes.
Aker Energy Ghana Limited is the operator under the 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%).
Media contact, International:
Håkon Høgetveit, Head of Communications, Aker Energy AS
+47 476 29 348 | [email protected]
(mailto:[email protected])
Investor contact:
Per Kristian Reppe, Investment Manager & Head of Investor Relations, Aker ASA
+47 900 33 203 | [email protected] (mailto:[email protected])
About Aker Energy
Aker Energy Ghana Ltd., a subsidiary of Norwegian-based oil exploration and
production firm, Aker Energy AS, is the operator of the Deepwater Tano Cape
Three Points (DWT/CTP) Petroleum Agreement, with a 50 per cent participating
interest in the DWT/CTP Petroleum Agreement. Aker Energy aims to become the oil
and gas operator of choice offshore Ghana, by maturing and producing resources
in a safe, efficient and reliable manner to the benefit of the company, partners
and the people of Ghana. Aker Energy has offices in Oslo, Norway and Accra,
Ghana. For more information, please visit www.akerenergy.com
(http://www.akerenergy.com)