Petroleum Africa
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Tuesday, February 20, 2018
Aker Energy, a 50/50 JV between Aker ASA and TRG AS, entered into an agreement with Hess Corp. concerning assets in West Africa. Aker Energy will acquire Hess’ interests in Ghana’s Deepwater Tano Cape Three Points (DWT/CTP) Block.
Once the deal is complete, Aker energy will hold a 50% interest in the block.
The block is located in the Tano Basin offshore Ghana, a prolific petroleum region. The company said it sees considerable potential to apply the Aker Group’s experience from the Norwegian Continental Shelf (NCS) to build a significant E&P activity in Ghana together with GNPC.
Aker Energy paid $100 million for the stake, which consists of $25 million payable upon closing of the transaction and a further $75 million payable upon approval of the Plan for Development and Operation (PDO) on the DWT/CTP block.
The acquisition is subject to approval from relevant Ghanaian authorities and other customary closing conditions.
The DWT/CTP block covers approximately 2,010 sq km and over the last 10 years has seen seven exploration wells and five appraisal wells drilled on it. The discovered contingent resources are estimated to be 550 million barrels (2C) with a remaining prospective volume upside of around 400 million barrels.
Aker Energy has drawn upon the expertise in oil field development from the companies in the Aker Group and is currently progressing a commercially robust development solution with a fast-track first phase targeting approximately 400 million barrels. The field development concept will be based on a FPSO with a subsea production system. The development concept will build on experience gained from the NCS with multilateral wells with improved completion solutions providing improved reservoir contact and recovery factor. Proven artificial lift solutions will further enhance recovery rates while infield pipeline solutions will ensure flow properties. The subsea production system will be designed to facilitate rapid tie-backs to the centrally located FPSO in the second phase.
The PDO will be submitted in 2018 with first oil anticipated in 2021.
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