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Ghana’s oil production to go up as it discovers new oilfields

Ghana’s oil production is set to substantially go up as it makes a new discovery large oil deposits in the Deepwater Tano cape Three Points oil block in the Western Region.

 

Norwegian Company, Aker Energy ASA, announced the find on Thursday and said it was about to complete a successful drilling operation of the “Pecan-4A” appraisal well.

 

It added that commercial production is expected to begin in 2020.

 

A press statement issued by Hakon Hagetveit, the Aker Energy’s Head of Communications said “We pleased to announce the well results, confirming our understanding of the area, as well as the resource base and upside potential in the DWT/CTP block.”

  

It said “based on seismic data and an analysis of the Pecan-4A well result, the existing discoveries are estimated to contain gross contingent resources (2C) of 450 – 550 million barrels of oil equivalent (mmboe)”. 

 

Aker Energy estimates that with the next two appraisal wells to be drilled, the total volumes to be included in a Plan of Development (POD) have the potential to increase to between one billion barrels. 

 

There are also identified multiple well targets to be drilled as part of a greater area development after submission of the POD.

 

Originally awarded to Hess in 2006, Hess identified the Pecan discovery in 2012. Between 2012 and 2016 Hess sought unsuccessfully to appraise the field and agreed to terms with the Government of Ghana on a feasible plan of development for the discovery. 

 

Hess initial assessment indicated resources of 230 million barrels of oil equivalent. In 2017, following discussions with the Ghana National Petroleum Corporation, Aker announced its acquisition of Hess’s interest in the DWT/CT License. 

 

Aker and its partner working closely with the Petroleum Commission and GNPC immediately undertook preparations for an expansive drilling program, with “Pecan 4A” being the first of three planned wells.

 

The drilling program with more advanced technology has turned out to be very successful.

 

John Haugen, Chief Executive Officer of Aker Energy said “Based on these results, we will optimise the Plan of Development (POD) for the Pecan field to be submitted by the end of March 2019”.

 

Minister of Energy John Peter Amewu said “multiple government agencies including the Petroleum Commission, GNPC and the Ministries of Energy and Finance had worked closely with the DWT/CT partners to achieve this positive result”. 

 

“Ghana will continue to collaborate with and support Aker Energy and its partners as we jointly work to deliver first oil as quickly as possible and ensure significant value is retained in Ghana for the benefit of our people.”

 

Ghana currently produces 200,000 barrels of oil per day and the new oilfield would add another 200,000 barrels daily by 2021.

 

Source: GNA