Ghana has approved the plan of development on the Deepwater Tano/Cape Three Points (DWT/CTP) block, centred on the Pecan find.
Pecan Energies announced the approval. The company was previously Aker Energies before Africa Finance Corp. (AFC) bought it from Aker Group and renamed it.
The plan of development involves work on the Pecan field in two phases, which will have a total development cost of $3.5 billion. These two phases should see 268 million barrels produced. In the wider contract area, the operator believes the recoverable resource potential to be 550mn barrels.
The plan covers the use of an FPSO and a subsea production system, with the Pecan field in ultra deepwaters, ranging from 2,400 to 2,700 metres. It is about 115 km offshore.
AFC president and CEO Samaila Zubairu said the company was “thrilled” to receive approval for the plan from the Minister of Energy and the Ghanaian authorities.
The approval shows AFC’s “de-risking capabilities and capacity to navigate complex challenges, leverage our expertise, and collaborate effectively with our partners to achieve shared objectives”.
“With this milestone, we believe that the future of the Pecan and other associated fields on the Block shines bright, bringing with it promising economic prospects and sustainable growth opportunities for Ghana and its people” said Zubairu.
Working as a team
Aker Energies submitted its Pecan plan of development to the government in April. This came at the same time as AFC bought into the company. AFC owns Pecan Energies via AFC Equity Investment. The company said it would now “work towards” a final investment decision (FID).
The former owner will be on hand to provide technical support, said Pecan Energies CEO Eiliv Gjesdal. Previously, he was CFO for Aker Energies.
“We have worked together as a team, overcoming considerable obstacles along the way. The approval of the PoD is a testament to the perseverance and dedication shown by the Pecan Energies team to the project. We remain committed to Ghana and look forward to working together with our partners towards first oil,” said Pecan Energies Ghana CEO Kadijah Amoah. Amoah also worked as CEO for Aker Energies.
AFC noted it had invested in a number of Ghanaian projects. These include the Kpone power plant, Takoradi port and Access LNG.