Africa Finance Corporation (AFC)-owned AFC Equity Investment will become Aker Energy’s sole stakeholder because of the deal.
The deal gives the company a 50% stake in the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana, which contains the Pecan field and discoveries totalling 450–550 million barrels of oil equivalent.
Lukoil (38%), Fueltrade (2%) and Ghana National Petroleum Corporation (10%) are the other partners in the project.
Earlier, the DWT/CTP block development received an investment of $200m in senior secured bonds from AFC, whose CEO currently sits on the Aker Energy board.
AFC president and CEO Samaila Zubairu said: “The DWT/CTP Project, which aims to develop Ghana’s proven resources, has the potential to create jobs, increase government revenues and spur development in the country.”
Discovered in 2012, Pecan has been on hold for nearly two years. The ultra-deepwater field is planned to be developed in 2,667m-deep waters in the Gulf of Guinea, offshore Ghana.
The project is expected to cost around $2bn and start commercial production in 2025.
Aker noted that Aker Energy’s management team of will remain unchanged after this deal and will look to submit the plan of development (PoD) for the Pecan field to Ghanaian authorities by the end of this month.
“Our continuing collaboration with Aker entities for technical support to the development will ensure that the PoD is submitted on time and in line with the framework agreed with the Government of Ghana,” Zubairu added.
Commenting on the deal, Aker ASA president and CEO Øyvind Eriksen said: “The sale to a reputable African institution such as the AFC was considered to be the best way forward to ensure the development of the Pecan field, as well as the whole DWT/CTP block. We are therefore very pleased to have reached this agreement with AFC.”