The Aker Energy-led Deepwater Tano Cape Three Points (DWTCTP) block offshore Ghana has received funding from Africa Finance Corp. (AFC), according to a news release.
The infrastructure solution provider said July 15 it is investing US$100 million of convertible bond notes that will go toward developing the deepwater block, which includes the Pecan Field and several other fields.
“This is an opportunity for AFC to invest alongside a technically and financially strong sponsor that requires project development expertise and public sector advice in Africa, both of which AFC is ideally placed to offer,” AFC CEO Samaila Zubairu said in a statement.
Holding about 334 million barrels of oil equivalent in reserves, the Pecan Field is set to be developed first. Aker Energy (50%) along with DWTCTP partners—Lukoil (38%), Fueltrade (2%) and Ghana National Petroleum Corp. (10%)—aim for first oil in 2021.
Aker has said development plans for the field, discovered by Hess Corp. in 2012, include use of an FPSO connected to a subsea production system.
AFC said the investment is the start of a “mutually beneficial relationship in the exploration and production sector across the African continent” with Aker.
Recommended Reading
TotalEnergies Restarts Gas Production at Tyra Hub in Danish North Sea
2024-03-22 - TotalEnergies said the Tyra hub will produce 5.7 MMcm of gas and 22,000 bbl/d of condensate.
Rystad: More Deepwater Wells to be Drilled in 2024
2024-02-29 - Upstream majors dive into deeper and frontier waters while exploration budgets for 2024 remain flat.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Deepwater Roundup 2024: Offshore Africa
2024-04-02 - Offshore Africa, new projects are progressing, with a number of high-reserve offshore developments being planned in countries not typically known for deepwater activity, such as Phase 2 of the Baleine project on the Ivory Coast.
Chevron, Total’s Anchor Up and (Almost) Running
2024-05-07 - During the Offshore Technology Conference 2024, project managers for Chevron’s Anchor Deepwater Project discussed the progress the project has made on its journey to reach first oil by mid-2024.