The country is expected to make some significant gains in oil production as Aker Energy, the operator of Deepwater Tano/Cape Three Points block offshore, has moved to develop the asset.

This comes as Aker Energy, on behalf of its partners, presented its plan of development (PoD) to the Ministry of Energy in Accra.

Aker Energy had initially promised first oil by 2020, but has now revised the timeline to 2025. The company had repeatedly postponed submission of the PoD since 2018, raising doubts about its reliability and commitment to development of the Pecan field.

The PoD is a legal requirement that details the plan to develop an oil and gas field in an integrated way to produce the hydrocarbon reserves optimally, by considering the technical, economic as well as Health, safety and environmental aspects of the project.

Ghana’s crude oil production in the first to third quarters of 2022 declined by 5.73 percent – lower than the production of 41.53 million barrels for the same period in 2021.

The reduction in crude oil production was attributed to the natural field decline from the TEN and SGN Fields.

However, the latest development could revitalise the country’s crude production has been on a downward trajectory since 2019.

The Chief Executive of Aker Energy, Kadijah Amoah, said in a press statement it is a comprehensive plan of development that will form the basis for sustainable and efficient development of the Pecan field.

The PoD presents an overall plan for the development and production of 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 contract area.

The main Pecan field, located in ultra-deep waters ranging from 2,400 to 2,700 metres deep, about 115 kilometres offshore Ghana, will be developed with a Floating Production Storage and Offloading (FPSO) vessel and a subsea production system (SPS).

Given the development, the operator and partners expect the Pecan field development and subsequent phases to provide significant proceeds for Ghana.

“This has been a team effort, and despite the significant challenges we faced we have shown once again our resilience and unflinching commitment to the project. We now look forward to approval of the PoD so we can get to work, developing and producing the resources for the ultimate benefit of Ghanaian people,” said Ms. Amoah.

Watch the latest edition of BizTech and Biz Headlines below: