Aker Energy has submitted a development plan for the Deepwater Tano / Cape Three Points (DWT/CTP) block located offshore Ghana.
Aker Energy Ghana is the operator of the block with a 50% participating interest. The company’s partners in the project include Ghana National Petroleum Corporation (GNPC) (10%), LUKOIL Overseas Ghana Tano (38%), and Fueltrade (2%).
The integrated plan of development and operations (PDO) was submitted to Ghanaian authorities for approval. As per the PDO, the project partners will undertake a phased development and production of the resources in the DWT/CTP contract area.
The parties will commence the development of the Pecan field, the largest discovery in the area, as a firm phase one. The final investment decision (FID) is subject to the receipt of the approval for the integrated PDO.
Located in ultra-deep waters ranging from 2,400m to 2,700m about 115km offshore Ghana, the Pecan field is projected to have a lifespan of 25 years. The Pecan field development is estimated to have total reserves of 334 million barrels of oil. At its peak, the field will produce 110,000 barrels of oil per day (bopd).
Aker Energy CEO Jan Arve Haugan said: “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.”
According to Aker Energy, production from the Pecan field is anticipated to commence 35 months after the FID. The estimated capital expenditure of $4.4bn for the project development does not include the charter rate for leasing a floating production, storage and offloading vessel (FPSO).
Aker Energy will use an FPSO vessel and a subsea production system (SPS) to develop the resources. The partners plan to undertake up to 26 subsea wells for the development of the Pecan field.
Ghana Energy Minister John Peter Amewu said: “The Pecan field will be the fourth producing oil field offshore Ghana and will strongly benefit the people of Ghana.”