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Aker Energy plans to revive Pecan offshore oil project in Ghana

Aker Energy to revive plans to develop its Pecan deep-water oilfield off Ghana that it froze in April 2020 due to the fall in oil prices and the coronavirus outbreak. The Norwegian oil and gas company intends to divide the project into two phases, beginning with a floating production, storage and offloading unit (FPSO) in the south and later adding a second unit in the north. It would reduce the field’s break-even cost and increase the likelihood of making a final investment decision (FID), which was originally planned in 2020.

In May 2019, Aker Energy announced a US$4.4bn investment to develop the Pecan field with total reserves estimated at 334 mbl of oil and a plateau production estimated at 110,000 bbl/d over a 25-year period. Aker Energy is the operator under the Deepwater Tano Cape Three Points (DWT/CTP) Petroleum Agreement with a 50% stake, in partnership with Lukoil (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade (2%). In November 2019, Aker Energy said the development of the Pecan oilfield in Ghana was facing delay after a disagreement with the government. The company wanted future tie-ins and new discoveries to be covered by the development plan for the Pecan oilfield, but the Ghanaian authorities refused to change regulation to facilitate this approach. Consequently, Aker Energy decided to focus on developing a more limited area.