Business News of Fri, 11 Jan 20192

Aker Energy announces successful Pecan-4a appraisal well Offshore Ghana

OIL FILEDS Five hundred and fifty million barrels of oil have been discovered off Ghana coast

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The operator of the Deepwater Tano Cape Three Points (DWT/CTP) block, Aker Energy, has announced the near-completion of a successful drilling operation of the Pecan-4A appraisal well offshore the Western Region of Ghana.

This, the Chief Executive Officer at Aker Energy, Jan Arve Haugan, said has been successfully proven, adding "We are 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.”

Going forward

The company, he said, will deliver a robust field development plan to the country’s authorities in the upstream oil and gas sector, as its most important priority going forward.

Since the inception of Aker’s operatorship less than a year ago, Mr Haugan said, “We have established an open, inclusive and transparent collaboration with Ghanaian authorities.

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“This partnership will enable us to unlock the vast potential in the area to the benefit of both the Ghanaian society and our license partners in the DWT/CTP.”

Developing the industry in Ghana

“We are looking forward to continuing and further strengthening this partnership to develop the Ghanaian oil and gas industries,” Mr Haugan said.

Aker Energy has a 50 per cent participating interest in the DWT/CTP block with other partners - LUKOIL with 38 per cent interest, while the national oil company – the Ghana National Petroleum Corporation (GNPC) represents Ghana’s interest with 10 per cent and Fueltrade 2 per cent.

Based on these results, he said the company will optimize the plan of development for the Pecan field, saying “There is still a lot of work to be done, including the conclusion of the phasing of the development, the size of first phase and detailing of the concept.”

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The DWT/CTP block

The DWT/CTP block offshore Ghana contains seven discoveries, with the Pecan well being the main discovery to date. The well was drilled at the Pecan field in the DWT/CTP block approximately 166 kilometres south west of Takoradi in Ghana, to a vertical depth of 4,870 meters in 2,667 meters of water.

He explained that the company’s main purpose for the Pecan-4A appraisal well was to confirm Aker Energy’s understanding of the geology in the area and to identify deep oil water contact in the Pecan reservoir.

Progress

The CEO said grounded on existing subsurface data from seismic, wells drilled 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.

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Aker Energy, he said estimates that with the next two appraisal wells to be drilled, the total volumes to be included in a POD have the potential to increase to between 600 – 1,000 mmboe.

In addition, Mr Haugan said there are identified multiple well targets to be drilled as part of a greater area development after submission of the POD.

“Aker Energy sees great potential in this promising area offshore Ghana. We see the foundation for a phased development producing through several production units,” he said.

Background

In the last quarter of 2018, Aker Energy began the development of the DWT/CTP block with field appraisals on the Pecan Field for the drilling of Pecan-4A appraisal wells.

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The contracts were formally awarded to Maersk Drilling, PMD Viking Ghana, Halliburton Ghana and Exceed Well Management Ghana.

The main objective of the appraisal of the well was to test the extension of the Pecan Field after it welcomed the process, which it described as “a key milestone that will enable the operator to commence drilling of the important Pecan-4A appraisal well.”

The Pecan Field is a pool of oil resource, which is thought to hold additional potential when an outstanding appraisal is conducted.

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