Aker Energy is set to submit a revised plan of its development of the Pecan oil field to government by the end of this year.
The revised plan follows the rejection of Aker Energy’s initial plan of development to facilitate the optimization of the Deepwater Tano/Cape Three Points (DWT/CTP) block by government two years ago.
The submission of the revised plan is contained in a press release issued by Aker Energy.
The revised plan was also mentioned in a presentation by the Chief Executive Officer of Aker, Oyvind Eriksen, on the company’s First Quarter 2021 results, and spoke of the change in strategy for Aker’s Exploration and Production Company in Ghana.
“The team has done a great job in modifying the concept and strategy and has shifted from a centralized FPSO approach to a phased plan to develop the resources in the area. Under the revised strategy, most of the production is maintained, but the breakeven oil price is significantly reduced to around $30 per barrel and the cost level is about half from the original plan. The natural next step is to move towards a Plan of Development and Operations (PDO). But we are in parallel reviewing strategic options for the company,” he stated.
Speaking also about the revised plan CEO of Aker Energy Ghana Limited, Kadijah Amoah, who stated that the company is moving forward as planned with the new phased development concept for the Pecan field and to reduce breakeven costs.
“The team has optimized the field development concept to secure a robust and cost-efficient project reducing the breakeven cost to approximately half the original cost. While the original field development concept was based on a centralized FPSO supporting the development of the entire Pecan field, as well as tie-ins of all other area resources, the focus per the statement has shifted toward a phased development approach,” she stated.
“This approach will enable Aker Energy to commence with one FPSO for Pecan in the south and expand to a second FPSO in the north after a few years, with tie-ins of additional discovered resources. The first FPSO will be deployed at around 115 kilometres offshore Ghana over a subsea production system installed in ultra-deep waters in depths ranging from 2,400 to 2,700 metres,” she added.
The oil company further noted it is together with its partners, are currently assessing field development concepts and FPSO candidates for redeployment, and the final selection will be based on technical capabilities and cost.
Also, geophysical and geotechnical surveys which are critical in optimizing the Pecan Subsea Field Layout will commence at the end of May 2021.
“We remain committed to Ghana. Along with our partners, we are optimistic that with this new phased development concept we can finally see first oil in the fourth offshore field in Ghana,” said Aker Energy.
