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Norwegian oil exploration company, Aker Energy has announced the discovery of what appears to be the biggest oil find in the country’s history to date off the coast of western Ghana. The find has occurred in the oil rich Deepwater Tano area which has already given rise to Ghana’s three oilfields already in production – the Jubilee, TEN, and Sankofa Gyename fields.

The news, will serve as major boost to the country’s economy at the beginning of this year.

The oil and gas operator said exploratory drilling indicated an “estimated 450-550 million barrels of oil equivalent (mmboe)” in the Pecan field, 166 kilometres (100 miles) off Takoradi.

Further exploration could increase total volumes to 600-1,000 mmboe, the company said in a statement issued yesterday January 10, 2019.

The reserves already identified easily eclipse the finds behind the three existing oilfields. Jubilee has reserves of 370 million barrels, TEN has 240 million barrels and Sankofa has 204 million barrels. This means that the new find could conceivably have reserves that exceed the estimated reserves of the three existing fields put together.

The well was drilled at the Pecan field in the DWT/CTP block (Deepwater Tano Cape Three Points) approximately 166 kilometres southwest of Takoradi in Ghana, to a vertical depth of 4,870 meters in 2,667 meters of water. The DWT/CTP block offshore Ghana contains seven discoveries, of which Pecan is the main discovery to date.

The announcement, which is by all standard a good news, will instructively serve as an alternative source of funding for government projects in the future.

The exploration company began operating the Pecan field last year with a 50 percent share. Its entry into Ghana resulted from its astute acquisition of Hess Ghana which had been operating the block, for a total cash consideration of US$100 million in February last year.

Aker Energy’s partners on the DWT/CTP block include Russian energy company, LUKOIL (38 percent), the Ghana National Petroleum Corporation (GNPC) (10 percent) and Fueltrade (two percent).

“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. Based on these results, we will optimize the Plan of Development for the Pecan field. There is still a lot of work to be done, including the conclusion of the phasing of development, the size of first phase and detailing of the concept. Our most important priority going forward is to deliver a robust field development plan to the Ghanaian authorities,” says Jan Arve Haugan, Chief Executive Officer at Aker Energy.

To be sure Aker has known for several months that the exploration block has enough oil to support the development of a new oilfield. Indeed, shortly following the acquisition, Aker announced its intention to submit a Plan of Development in the second half of 2018 with anticipated first oil in the fourth quarter of 2021.

However, the sheer size of the new find will push these timelines forward. It will take at least three years to get the expected oilfield up and running. But Ghana can expect immediate benefits in the form of increased interest in the country by major international oil firms, even as ExxonMobil is already setting up shop and British Petroleum has announced plans to follow suit. The new discovery significantly improves Ghana’s negotiating hand with regards to BP and any other oil major wishing to explore for oil here.

After a decade of discovery with commercial production beginning in 2010, the country is believed to still have a substantial amount of reserves, with expects predicting about seven billion barrels in reserves. : -Your praise and inspirazion

This is absolutely for your praise,inspirazion , promozion and funding only

 The government of Ghana has revealed that the latest oil discovery will double the country’s production by 2021. In what is a major oil discovery, the Norwegian company Aker Energy ASA announced on January 10, 2019 that based 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 (mmboe). Aker Energy estimates that with the next two appraisal wells to be drilled, the total volumes to be included in a Plan of Development (POD) have the potential to increase to between 1 billion barrels. In addition, there are identified multiple well targets to be drilled as part of a greater area development after submission of the POD. Originally awarded to Hess in 2006, Hess identified the Pecan discovery in 2012. Between 2012 and 2016 Hess sought, unsuccessfully, to appraise the field and agree on terms with the government of Ghana on a feasible plan of development for the discovery. Hess initial assessment indicated resources of 230 million barrels of oil equivalent. In 2017, following discussions with the Ghana National Petroleum Corporation, Aker announced its acquisition of Hess’s interest in the DWT/CT License. Aker and its partner working closely in conjunction with the Petroleum Commission and GNPC immediately undertook preparations for an expansive drilling program, with Pecan 4A being the first of three planned wells. ADVERTISEMENT The expansive drilling program with more advanced technology has turned out to be very successful. “We are pleased to announce the good results, confirming our understanding of the area, as well as the resource base and upside potential in the DWT/CTP block. Based on these results, we will optimize the Plan of Development (POD) for the Pecan field to be submitted by the end of March 2019”, says John Arve Haugen, CEO of Aker Energy. Minister of Energy John Peter Amewu said “multiple government agencies including the Petroleum Commission, GNPC and the Ministries of Energy and Finance have worked closely with the DWT/CT partnersto achieve this positive result. Ghana will continue to collaborate with and support Aker Energy and its partners as we jointly work to deliver first oil as quickly as possible and ensure significant value is retained in Ghana for the benefit of our people”. It is expected that production would begin in 2020. Ghana currently produces 200,000 barrels of oil per day. The Aker discovery will produce an additional 200,000 per day by 2021. Ghana is therefore set to at least double its current earnings from oil exports in the very near future. Source:  of . YourpraiseAndinspirazion