Aker Energy has signed an agreement to acquire Hess’ 50% participating interest in the Deepwater Tano Cape Three Points block (DWT/CTP), located off the coast of Ghana.

The proposed transaction is valued at $100m, focusing on the Tano Basin and is in line with Aker Group’s plan to build a significant E&P activity in the country together with Ghana National Petroleum (GNPC).

From the total consideration, Aker needs to make a payment of $25m once the transaction is complete.

The remaining $75m is required to be paid upon receipt of approval of the plan for development and operation (PDO) on the DWT/CTP block.

Aker president and CEO Øyvind Eriksen said: “Aker is pleased to have been invited into this joint venture by TRG and looks forward to exploring the opportunity of building a significant E&P activity in Ghana inspired by what Aker has achieved on the NCS.

“The Aker Group is uniquely positioned to combine technological know-how from the upstream oil and gas industry with its extensive experience in the oil services to deliver a successful fast-track project.”

“The company is targeting around 400 million barrels throughout the development’s first phase.”

Covering around 2,010km², the block has estimated discovered contingent resources of 550 million barrels (2C), as well as prospective volume upside of about 400 million barrels.

Currently, Aker Energy is proceeding with a development solution.

The company is targeting around 400 million barrels throughout the development’s first phase.

Under the plan, the field development will include a floating production storage and offloading (FPSO) unit with a subsea production system, which will be designed to facilitate rapid tie-backs to the centrally located FPSO in the second phase.

The PDO is scheduled to be submitted later this year, while the field is expected to be brought on stream in 2021.

Aker Energy is a 50:50 joint venture (JV) between Aker and TRG.