"Pecan field development set for final investment decision by 2024 as AFC takesover"

" Pecan field development set for final investment decision by 2024 as AFC takesover \r\n\r\nThe recent sale of Aker Capital AS's shares in its Ghana subsidiary Aker Energy AS marks a significant milestone for the Pecan Development Project, which is expected to reach a Final Investment Decision (FID) by 2024, says Fitch Solutions.\r\n\r\nThe Pecan field development had faced an impasse as the operator, Aker Energy AS, was hesitant to proceed with the involvement of Russian-based Lukoil due to the potential risk of international sanctions being levied on Russian oil and gas companies.\r\n\r\nHowever, with the recent sale of Aker's shares to AFC Equity Investment Ltd, owned by Africa Finance Corporation (AFC), a pan-African multilateral development financial institution, Fitch Solutions stated it believes that the project is now better positioned for success.\r\n\r\nAs AFC becomes the new operator of the field, Fitch asserts that it has become more optimistic about the Pecan project's future. Unlike Aker, AFC has not indicated that Lukoil's participation is a red line for its development operations. \"Therefore, we now anticipate that the Pecan project's FID will be reached by 2024 at the latest,\" it further stated.\r\n\r\nPreviously, Aker held a 50% stake in the Deepwater Tano Cape Three Points Block (DWT\/CTP), where the Pecan field is located. Following the sale, the new interest breakdown is AFC (50%), Lukoil (38%), Fueltrade (2%), and Ghana National Petroleum Corporation (GNPC) (10%). AFC has already invested USD200mn in secured bonds for the Pecan project's development and served on the board for Aker Energy.\r\n\r\nThis history of backing the project, coupled with the completion of front-end engineering and design (FEED) and a plan for development (PDO) by Aker Energy before withdrawing, are expected to further expedite the development process.\r\n\r\nThe successful development of the Pecan field has the potential to significantly impact Ghana's upstream outlook, given its estimated recoverable reserves of 334 million barrels of oil equivalent. The Pecan project will be Ghana's fourth major oil development, following Jubilee, TEN, and Sankofa Gye Nyame, and is expected to boost the country's production capacity by 80,000 barrels per day.\r\n\r\nOverall, the sale of Aker's shares in Aker Energy to AFC has removed significant headwinds for the Pecan Development Project and paved the way for the project's successful development. With a new operator in place and the completion of FEED and PDO, we are optimistic about the project's future and anticipate an FID by 2024."

"Pecan field development set for final investment decision by 2024 as AFC takesover"

FDI Inflows Surge 382% in H1 2025 to $862.9m AMP

World Bank Says Ghana Has Spent 40 of 68 Years Under IMF ProgrammesAMP

Inbound Tourists Pump GHS15.2bn into Ghana’s Economy AMP