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Aker submits $4.4bn plan to develop Pecanoil 

The integrated PDO presents an overall plan for a phased development and production of the resources in the DWT/CTP contract area. The phased development plan will start with the development of the Pecan field as a firm phase one, being the largest of several discoveries in the area.

Aker Energy Ghana Limited, as Operator on behalf of its partners, Ghana National Petroleum Corporation (GNPC), Lukoil Overseas Ghana Tano Limited and Fueltrade Limited, on Thursday, 28 March 2019, submitted an Integrated Plan of Development and Operations (PDO) to the Ghanaian authorities for the Deepwater Tano / Cape Three Points (DWT/CTP) block offshore Ghana.

“This is a proud day for Aker Energy and our partners. After tremendous teamwork and strong collaboration with partners and Ghanaian authorities, we have submitted a comprehensive plan of development and operation. The plan will, once approved, ensure an efficient development and production of the Pecan field and further optimisation of the DWT/CTP petroleum resources in a way that will deliver value to the people of Ghana and to us and our partners,” said Jan Arve Haugan, Chief Executive Officer at Aker Energy.

The PDO was submitted and presented to the Minister of Energy, John Peter Amewu, at the Ministry of Energy in Accra, Ghana.

“We are very satisfied to have reached this milestone together with Aker Energy and its partners. The submission of the integrated PDO has been a result of collaboration between the Contractors, GNPC, relevant agencies and the Ministry. The Pecan field will be the fourth producing oil field offshore Ghana and will strongly benefit the people of Ghana,” says Hon. John Peter Amewu, Minister of Energy in Ghana.

Integrated PDO for a phased development

The PDO is subject to approval from relevant Ghanaian authorities. Upon PDO approval, the partners will initiate a process to make a final investment decision (FID). First oil from the Pecan field is estimated 35 months after the FID is made.

The main Pecan field, located in ultra-deep waters ranging from 2,400 to 2,700 metres about 115 kilometres offshore Ghana, will be developed with a Floating Production Storage and Offloading (FPSO) vessel and a subsea production system (SPS). The FPSO will be the centre for processing and exporting of crude oil from the field. The development of the Pecan field will comprise of up to 26 subsea wells. It is planned for 14 advanced, horizontal oil producers and 12 injectors with alternating water and gas injection (WAG), and the use of multiphase pumps as artificial lift, to maximise oil production.

Maximising oil production for the long-term

Total reserves from the Pecan field development are estimated to 334 million barrels of oil, and plateau production is estimated to 110,000 barrels of oil per day. Production from the field is expected to last for more than 25 years. The total investments (CAPEX) to develop these reserves are estimated to USD 4.4 billion, excluding the charter rate for a leased FPSO.

The Pecan field centre will have the flexibility to tie-in the subsequent development of resources. In addition to the reserves to be developed in the first phase, the area holds discovered contingent resources (2C) of 110-210 million barrels of oil equivalent (mmboe), combined resulting in an estimated volume base of approximately 450–550 mmboe. Total resources in the area have the potential to increase to between 600-1000 mmboe, provided successful appraisal drilling activity. Data analysis and appraisal drilling are currently ongoing at Pecan South and Pecan South East.

“In addition to the FPSO for the Pecan field development, Aker Energy has entered into an option agreement with Ocean Yield ASA for a second FPSO, Dhirubai-1. If the option is exercised, Dhirubai-1 could either be used to accelerate production or for other, potential developments dependent on volumes and geographical distribution of these,” Mr Haugan says.

Beyond local content

Aker Energy and partners expect the Pecan field development and subsequent phases to provide significant proceeds to Ghana. Furthermore, the partners have strong ambitions for developing a national oil and gas industry in Ghana.

“Aker Energy has a long-term ambition to go beyond regulatory requirements to develop the local oil and gas industry, through both investments and transfer of technology, know-how and skills. Therefore, our owner, Aker ASA, has recently initiated plans to establish a separate investment company, Aker Ghana Industrial Corporation, to support the local industry,” Mr. Haugan concludes.

Aker Energy Ghana Limited is the operator under the DWT/CTP Petroleum Agreement with a 50% participating interest. Its partners are Lukoil Overseas Ghana Tano Limited (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade Limited (2%).

About Aker Energy

Aker Energy Ghana Ltd., a subsidiary of Norwegian-based oil exploration and production firm, Aker Energy AS, is the operator of the Deepwater Tano Cape Three Points (DWT/CTP) Petroleum Agreement, with a 50 per cent participating interest in the DWT/CTP Petroleum Agreement. Aker Energy aims to become the oil and gas operator of choice offshore Ghana, by maturing and producing resources in a safe, efficient and reliable manner to the benefit of the company, partners and the people of Ghana. Aker Energy has offices in Oslo, Norway and Accra, Ghana

This is absolutely for your praise inspirations promotions financing ECT ECT only

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(USTDA) has approved a grant of $950,000 for feasibility studies on solar energy production to be developed in six of the 20 dioceses of the Catholic Church in Ghana. The feasibility studies, to be carried out within a six-month period, will provide the technical and financial information to enable AEG International LLC, a US-based company, and its Ghanaian partners, Strategic Security Systems International, to start the building of small-scale solar systems at an estimated cost of $15 million. The two companies will build small-scale photovoltaic solar systems that will be assembled in Ghana using US manufactured inverters, batteries and other solar power system equipment. About 310 schools, 28 health facilities, as well as 500 other buildings and offices in the six dioceses of Keta-Akatsi, Tamale, Techiman, Koforidua, Kumasi and the Accra Archdiocese, will benefit from the solar project. Long-term development Speaking at a signing ceremony at Kpone near Tema yesterday, the US Ambassador to Ghana, Ms Stephanie S. Sullivan, said the project could contribute considerably towards the provision of light for health professionals to undertake child deliveries, as well as provide the electricity needed for respirators and power other equipment used for the storage of vaccines and other important medicines. She described the initiative between the two companies as an excellent example of how companies in Ghana could increase local content and create jobs, as well as solve issues that were critical to the country’s long-term development. Ms Sullivan said the project was also an example of a best-value procurement approach with a long-term vision and presented an incredible opportunity for Ghana to adapt to the use of solar, since sunshine was in abundance in the country. “The US and Ghana are each bringing something to the table to help improve the lives of thousands of people through this project, so they can fulfill their potential and contribute to national development,” she added. Catholic Church The President of the Ghana Catholic Bishops Conference, the Most Rev. Philip Naameh, commended the US government and the USTDA for the grant and said the motivation to transition to a solar-powered system of lighting followed the desire to protect the environment by adopting a climate-smart technology. He called for an extension of the project to cover the remaining 14 dioceses of the church, adding that the focus presently was to ensure that poorer people within the various dioceses became the initial beneficiaries of the project. "Whenever the Catholic Church undertakes development projects, it is more concerned about the poorest of the poor and this explains our presence in the outlandish areas where there is no development of any kind,” he said. The Most Rev. Naameh, therefore, called on the AEG to consider its pricing in order to help the church meet its commitment to the poor. AEG President The President of AEG International, Mr Tod Skinner, for his part, said the project would benefit Ghanaians by bringing solar power to schools, hospitals, clinics among others, as well as facilitate the creation of jobs for the people. The Chairman of Strategic Security Services, Dr Francis Akuamoah Boateng, pointed out the need for Ghana to move faster to harness solar energy for development. “This project is not only an opportunity to show the world that Ghana and Africans, indeed, have a vision for themselves but also how mutually beneficial collaborations can and should look like,” he said. Pending the outcome of the feasibility studies, phase one of the project is to deliver about six megawatts of solar power to 650 beneficiary institutions.br />
 

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Toyota, Suzuki and CFAO announce joint venture to produce vehicles in Ghana

Officials from Suzuki Motor Corporation, Toyota Tsusho Corporation, and CFAO have announced a joint venture to manufacture and distribute vehicles in Ghana.

At a courtesy call on President Akufo-Addo, on Tuesday, March 19, 2019, at the Jubilee House in Accra, Mr. Koyote Suzuki, General Manager for the Middle East and Africa of Suzuki Motor Corporation, told President Akufo-Addo that with the company producing some 1.8 million vehicles in India alone, “my mission is to find our next India in the continent of Africa.”

He stated that “our next phase of growth will come from Africa, but we need to find the right partner in Africa for manufacturing and distribution after sale of our vehicles.”

Suzuki, he said, has partnered with Toyota in Africa, and are currently working in some 26 countries.

“We came to know from Toyota that the Ghanaian government is planning to roll out a new automotive policy. We heard this from Toyota executives who paid a visit here last month. We are highly interested in participating in this initiative by the Ghanaian government. We wish to start production here, grow it and expand it,” the Suzuki General Manager added.

Mr. Masafumi Yamashita, from Toyota Tsusho Corporation, in his remarks, noted that Toyota Corporation and CFAO have the largest automotive distribution network in Africa, and have the ambition to contribute to and support further development in African countries.

“Our vision is with Africa and for Africa. This time, we commit to work together with Suzuki Motor Corporation for the future development of the automotive industry here in Africa, as a strategic partner,” he added.

On his part, President Akufo-Addo told the gathering that “these three companies that have come together to push an idea, here in Ghana, is an idea that we have to welcome.”

His government, he explained, is interested in developing a vibrant and dynamic automobile industry in Ghana, and has made several initiatives towards that end.

“Finally, I believe we are now ready to outdoor our automotive policy which will enable people like you know what is available to you in terms of government support, and also the obligations that will be upon you, if you enter the Ghanaian space,” the President added.

With the economy projected to grow by 7.9 per cent this year, and the country recognized as one of the most stable countries on the continent, where the rule of law works, President Akufo-Addo stressed that “this is architecture designed expressly to try and attract investments into our country.”

President Akufo-Addo told the delegation that “you are very welcome, and it will be very good news for the people of Ghana if they were to hear that Suzuki has teamed up with Toyota Tsusho and CFAO to establish a facility here in Ghana.”

With Suzuki manufacturing 1.6 litre engine vehicles in India, the President stated that “these are exactly the kind of cars that should have very successful entry into the Ghanaian market.”

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The Turkish government   looking forward to increase its bilateral trade with Ghana to $1 billion with special interest in the Agriculture and Tourism sector. 

According to the new Turkish Ambassador to Ghana, Ozlem Ergun Ulueren, aside from their numerous investments in the country, Ghanaian authorities have pointed out several other opportunities.

“We believe that we can reach these targets for the benefits of both countries. We are determined to be development partners with Ghana,” she said.

Ghana and Turkey have enjoyed a close relationship since Independence in which there have been bilateral visits of presidents of the two countries to each other’s country.

Ghana opened an embassy in Turkey in the second half of the 1960s although it was closed and reopened 2009.

The Ambassador who has been in Ghana for the past two months disclosed that the Turkish construction companies have invested more than $500,000 in Ghana so far.

“What they have achieved so far proves that they will be able to be development partners to push forward the development efforts of Ghana in line with the programme of Ghana Beyond Aid,” she said.

She said one other Turkish company making lots of strides in the energy sector is Karpowership.

Mrs Ergun Ulueren said there are many other Turkish government projects in the country which are yet to be completed or just completed.

On his part, Information Minister, Kojo Oppong Nkrumah was excited that the Turkish government is willing to increase its foreign direct investment.

“The President is championing a new vision of Ghana Beyond Aid, which focuses on being self- reliant and one of the areas we are looking at apart from Agric and Tourism is industrialization.

“Turkey has done pretty well in that area and so we will be looking to see more foreign direct investments coming into that space so we will add value to Agric production,” he said.

He said government also wants to establish a big market in Turkey for Ghanaian products.

The Ofoase Ayeribi MP believes a lot of outbound market for traditional and non-traditional exports so “we can earn hard currency to boost the economy.”

Mr Oppong Nkrumah also invited Turkish investors to try the booming Ghanaian capital market which he said is doing quite well.