BusinessEnergyOil & Gas/Mining

Aker Energy to submit revised “plan of development” to government by end of year

Earlier, Aker Energy announced that a final investment decision for the Pecan field project had been placed on hold, postponing any development

Aker Energy says it is working to submit a revised plan of development (PDO) to the government by the end of the year with a substantially reduced break-even cost.

“We are moving forward as planned with the new phased development concept for the Pecan field reducing the break-even costs,” Kadijah Amoah, the chief executive officer of Aker Energy Ghana Ltd, announced in a statement.

“The team has optimised the field development concept to secure a robust and cost-efficient project, reducing the break-even cost to approximately half the original cost.”

In March last year, Aker Energy announced that a final investment decision (FID) for the Pecan field development had been placed on hold. But the firm says the new concept brings the project back on track.

Ultra-deep exploration

“Aker Energy and partners are currently assessing field development concepts and FPSO candidates for redeployment, and the final selection will be based on technical capabilities and cost,” the statement added.

“While the original field development concept was based on a centralised FPSO [floating production storage and offloading unit] supporting the development of the entire Pecan field, as well as tie-ins of all other area resources, the focus has shifted towards a phased development approach.

“This approach will enable Aker Energy to commence with one FPSO for Pecan in the south and expand to a second FPSO in the north after a few years, with tie-ins of additional discovered resources.”

The first FPSO will be deployed at roughly 115 kilometres offshore Ghana over a subsea production system installed in ultra-deep waters.

Renewed commitment

“We remain committed to Ghana. Along with our partners, we are optimistic that with this new phased development concept we can finally see first oil in the fourth offshore field in Ghana,” the statement said, adding that geophysical and geotechnical surveys will commence by the end of this month (May 2021).

The surveys are critical to optimising the Pecan Subsea Field Layout. Data received through the studies will give accurate information on the integrity of the seabed and confirm whether the subsea infrastructure can be positioned safely over the life of the field of the project.

“With these surveys, we take a significant step in moving towards submitting a plan of development and operations to the Government of Ghana and achieving first oil,” Amoah said.

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