Ghana: Aker Energy Invests $300 Million In Deepwater Tano Cape Three Point Block

Jan Arve Haugan, CEO of Aker Energy

Aker Energy has revealed that it has invested $300 million in the development of Deep Water Tano Cape Three Point oil block and its related activities in the Western Region of Ghana, in West Africa.

Chief Executive Officer of Aker Energy Jan Arve Haugan disclosed that his company had done a lot of work since it took over the block from its original owner, Hess Petroleum.

“We have done about 50% of work on the block, and have so far invested $300 million in Ghana,” the Norwegian oil and gas company CEO explained.

Recently, Aker Energy submitted its Plan Of Development (POD) for the DWT/CTP block to the Ministry of Energy for assessment of the work done so far.

The plan is subject to approval from relevant Ghanaian authorities, upon which Aker would initiate a process to make a final investment decision (FID).

First oil from the Pecan field is estimated at 35 months after the FID is made.

Speaking at a two-day Sustainable Ocean Industries Conference in Ghana’s capital, Accra, Jan Arve Haugan said Aker Energy was committed to the development of the block, saying, “We will bring to our 50 years’ experience in Norway to bear to make life easy for Ghanaians.”

Aker has been a pivotal part of the industrial development of the oil and gas sector in Norway over the last 50 years, with about 85 percent of all fields on the Norwegian Continental Shelf being developed in part by the Aker Group.

“We will continue to apply and share learnings from Aker BP and Aker Group to optimize the way we operate and contribute to developing the industry further, and build on the strong work that has already been done by other operators in Ghana,” Jan Arve Haugan said.

The Aker Energy CEO touted the competence of the company and said additionally that it knows how to build the industry not only on extracting oil but also delivering on the indices.

He assured Ghana that Aker Energy has no other ambition than developing the Deepwater Tano/Cape Three Point.

“We have no other ambitions. Aker BP focuses on North Sea and Aker Energy focuses on Ghana. Based on that, we are extremely sure that we will deliver on all our commitments,” he concluded.