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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

    Businesses will pass on increased cost of production from high utility tariffs – GNCCI

    KIC and Mastercard Foundation launch Agri-MSMEs acceleration program

    Benjamin Dzoboku appointed as new Managing Director for Republic Bank Ghana Plc

    Gov’t to launch national airline to benefit from AfCFTA – Hassan Tampuli

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    The seven factors driving high cost of living in Ghana

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Over 120,000 persons reimbursed for wrongful e-levy deductions – GRA

    Fuel shortage: New policy to ensure direct delivery of fuel products underway – NPA

    Current high inflation rate not an isolated event – Seth Terkper

    Ghana needs more entrepreneurs to check imported inflation – Finance Minister

    Fuel prices to rise marginally in second pricing window of May – IES

    Samuel Dubik Mahama appointed ECG Managing Director

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

    Businesses will pass on increased cost of production from high utility tariffs – GNCCI

    KIC and Mastercard Foundation launch Agri-MSMEs acceleration program

    Benjamin Dzoboku appointed as new Managing Director for Republic Bank Ghana Plc

    Gov’t to launch national airline to benefit from AfCFTA – Hassan Tampuli

    Accra Brewery PLC launches thematic campaign dubbed ‘Taste no yɛ Deep’

    BoG reiterates calls for public to report unapproved banking charges

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

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Aker Energy to submit revised plan of development to Government of Ghana

byBobbie Osei
May 11, 2021
in Government, Local Economy, News, Oil And Gas, Top Stories
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Two years after its initial Plan of Development to facilitate the optimization of the Deepwater Tano/Cape Three Points (DWT/CTP) block was rejected by government, Aker Energy is set to submit a revised plan of development to government by the end of this year.

This was disclosed in a press statement issued by Aker Energy Ghana Limited and sighted by Citi Business News.

The press statement comes days after the CEO of Aker, Oyvind Eriksen, gave updates on Aker Energy AS, of which Aker Energy Ghana is a subsidiary, during the presentation of the company’s First Quarter 2021 results.

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The CEO during that presentation spoke of the change in strategy for Aker’s Exploration and Production Company in Ghana and cost savings achieved.

“The team has done a great job in modifying the concept and strategy and has shifted from a centralized FPSO approach to a phased plan to develop the resources in the area. Under the revised strategy, most of the production is maintained, but the breakeven oil price is significantly reduced to around $30 per barrel and the cost level is about half from the original plan. The natural next step is to move towards a Plan of Development and Operations (PDO). But we are in parallel reviewing strategic options for the company.”

The CEO of Aker Energy Ghana Limited, Kadijah Amoah in the press statement clarified her boss’ remarks, stating that the company is moving forward as planned with the new phased development concept for the Pecan field reducing the breakeven costs.

“The team has optimized the field development concept to secure a robust and cost-efficient project reducing the breakeven cost to approximately half the original cost,” she added.

The press statement also added that 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.

“While the original field development concept was based on a centralized FPSO supporting the development of the entire Pecan field, as well as tie-ins of all other area resources, the focus per the statement has shifted toward 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 around 115 kilometres offshore Ghana over a subsea production system installed in ultra-deep waters in depths ranging from 2,400 to 2,700 metres.”

Aker Energy reaffirms its commitment together with its partners

“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,” said Kadijah Amoah.

Geophysical and Geotechnical surveys will commence at the end of May 2021. These are critical in optimizing the Pecan Subsea Field Layout.

“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,” Mrs. Amoah added.

About Aker Energy

Aker Energy Ghana Ltd, a subsidiary of Norwegian-based oil exploration and production firm Aker Energy AS, is an exploration and production company and the operator of the Deepwater Tano Cape Three Points (DWT/CTP) block.

It holds a 50% participating interest in the license, and the partners are Lukoil Overseas Ghana Tano Limited (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade Limited (2%).

The block holds discovered resources of between 450-550 million barrels of oil equivalent.

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 AS is part of the Norwegian Aker group of companies, with Aker ASA and TRG AS as its majority shareholders. Aker Energy has offices in Ghana and Norway.

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A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

NPA allays fears of fuel scarcity in the country

Over 120,000 persons reimbursed for wrongful e-levy deductions – GRA

Fuel shortage: New policy to ensure direct delivery of fuel products underway – NPA

Current high inflation rate not an isolated event – Seth Terkper

Ghana needs more entrepreneurs to check imported inflation – Finance Minister

Fuel prices to rise marginally in second pricing window of May – IES

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