Aker Energy AS, a joint venture between Aker ASA and TRG AS, has signed an agreement with a subsidiary of Hess Corporation to acquire its interests at the Deepwater Tano Cape Three Points block (DWT/CTP) in Ghana
The Tano Basin offshore Ghana is a prolific petroleum region where Aker Energy aims to build a significant E&P activity together with Ghana National Petroleum Corporation (GNPC).
The total cash consideration for the transaction is US$100mn, consisting of US$25mn payable upon closing of the transaction and a further US$75mn payable upon approval of the plan for development and operation (PDO) on the DWT/CTP block.
The PDO will be submitted in 2018 with anticipated first oil in 2021.
The acquisition is subject to approval from relevant Ghanaian authorities and other customary closing conditions, said the company.
The DWT/CTP block covers approximately 2,010 sq km in a prolific petroleum region. In the last 10 years, seven exploration wells and five appraisal wells have been drilled on this block. The discovered contingent resources are estimated to be 550 mmbbl with a remaining prospective volume upside of approximately 400 mmbbl.
The field development concept of Aker Energy 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. The artificial lift solution is expected to further enhance recovery rates while infield pipeline solutions to ensure flow properties.
Commenting on the acquisition, Dr K K Sarpong, CEO of GNPC, said, “GNPC is excited that Aker is entering into Ghana's upstream sector as an operator. The Aker group is globally recognised as an oil services provider and an upstream operator. We look forward to working closely with a member of the group, Aker Energy. We believe that our collaboration will lead to further successes in the ultra deepwater Tano basin of Ghana and enable the transfer of knowledge to the Ghanaian oil and gas industry.”
