Aker Energy: Oil company in Ghana

Aker Energy owns 50 per cent of the Deepwater Tano Cape Three Points (DWT/CTP) oilfield in Ghana. The company holds significant oil reserves.

Drilling operations have confirmed contingent resources of 450–550 million barrels of oil equivalents in the Pecan field DWT/CTP block. Given the historic collapse in oil prices in the first quarter 2020 as a result of the Covid-19 pandemic and geopolitical tension, Aker Energy came to a decisionto postpone the Pecan project indefinitely.

Geographic marked:
International
Acting CEO & President:
Håvard Garseth
Sector:
Oil and gas
Chairman:
Karl Johnny Hersvik
Category:
Exploration and production
Share of Aker's total assets (3Q20):
2.3%
Aker Energysquare

Aker’s ownership agenda

At the top of Aker's ownership agenda is to find a simpler development concept and a technical solutions that is secure and economically robust in times of volatile oil prices. Aker Energy has a constructive dialogue with authorities in Ghana, and have a shared understanding of the challenges due to Covid 19 and the oil price collapse. Aker supports Aker Energy’s strategy to continue to explore transaction opportunities.

Kjell Inge Røkke and Øyvind Eriksen represent Aker on the company’s board of directors.

Pecan Licence location web

Promosing Deepwater Tano Cape Three Points

Aker Energy, a 50.8 per cent Aker ASA and 49.2 per cent The Resource Group TRG AS joint venture, entered into an agreement in February 2018 to acquire Hess Corporations’ 50 percent ownership share in the Deepwater Tano Cape Three Points oilfield. Since then, Aker Energy has drilled appraisal wells to increase insight into the field’s properties.

A Plan for Development and Operation (PDO) for the oilfield located about 100 kilometers outside the coast of Ghana is under development. The oil discovery confirms significant values "in the ground”. Compared to the original plan prior to Covid 19 and the collapse in oil prices that started in March 2020, a less advanced concept plan is being developed.