[Ghana] Pecan

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escveritas
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[Ghana] Pecan

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Yinson awarded Ghana FPSO project

LOI issued for charter, operations and maintenance of an FPSO in the Pecan field, offshore Ghana

KUALA LUMPUR – 21 FEBRUARY 2020

YINSON HOLDINGS BERHAD (“Yinson” or “The Group”) has, via Yinson Production West Africa Limited, Yinson Gazania Production Ltd and Yinson Gazania Operations Limited, entered into a Letter of Intent (LOI) with Aker Energy Ghana Limited (“Aker Energy”) with the intent of awarding the
contracts to charter, operate and maintain the floating, production, storage and offloading vessel (“FPSO”) for the Pecan development project in the Deepwater Tano/Cape Three Points (“DWT/CTP”) block, offshore Ghana.

Following the execution of the LOI, the parties will proceed to conclude the contracts and fulfil its conditions. The contracts will be for a firm period of ten (10) years followed by five (5) yearly extension options exercisable by Aker Energy.

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

The Pecan field is located in ultra-deep waters, ranging from 2,400 to 2,700 metres deep, 115 kilometres offshore Ghana. The field will produce through Yinson’s FPSO, which will be the centre for processing and exporting of crude oil from the field, with a plateau production of approximately 110,000 barrels of oil per day.

This FPSO will be Yinson’s second vessel to operate in Ghanaian waters, with the first being FPSO John Agyekum Kufuor which has been operating for ENI in the Offshore Cape Three Points Block since 2017.

Yinson’s Group Chief Executive Officer, Lim Chern Yuan, said the award is evidence of the industry’s increasing confidence in Yinson’s abilities to deliver projects on time, and thereafter to maintain excellent uptime and safety records.

“This is Yinson’s second large project award in the last 6 months, and we are gearing up for even greater growth ahead. In line with this, we have been building our resources, capacity and expertise; putting us in a strong position to meet our commitments to the projects that we have undertaken,” he said.

Yinson’s Chief Executive Officer for Production, Eirik Barclay added that the Yinson team is greatly looking forward to working with Aker Energy on this exciting and challenging project in over 2,400 metres of water depth. He is confident in Yinson’s ability to deliver the FPSO to the Pecan field on
schedule.

“We are proud that Yinson has once again been chosen to execute a project that will greatly benefit the country and the people of Ghana,” he added.
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Re: [Ghana] Pecan

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Development Projects

Aker Energy holds a 50% participating interest in the Deepwater Tano Cape Three Points block in Ghana, including the Pecan development project.

Other partners are Lukoil (38%), Fueltrade (2%) and Ghana National Petroleum Corporation (10%). The Tano Basin offshore Ghana is a prolific petroleum region, and the DWT/CTP Block is centrally located within this basin. Seven successful exploration wells and eight appraisal wells on the block has proved a significant resource base as well as offering a high upside.

The Pecan Field Development

Aker Energy sees numerous opportunities in the DWT/CTP Block, and is starting with development of the Pecan Field. The development scheme is selected to adapt to a changing world and significant volatility in commodity prices.

Aker Energy will develop the Pecan Field with a re-deployed FPSO connected to a subsea production system in 2,700 meters below sea level.. The development concept will build on experience derived from projects and operations in similar water depths and conditions globally, and application of advanced drilling operations. In order to minimize risk exposure during project execution and field operations, and in an acknowledgement of the water depth, qualified technologies and well-known development solutions will be utilized.

The Pecan Field was discovered by Hess in 2012 and they had appraised the field with five reservoir penetrations. The appraisals and drill-stem tests showed promising results and a light, under-saturated oil with favourable oil characteristics suited for waterflood.

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Development philosophy

Aker Energy, as the Operator, will build on decades on oil and gas know-how in the Aker Group, and will draw upon experience from numerous oil field development projects on the Norwegian Continental Shelf and globally.

Aker Energy, as an entrepreneurial and flexible organization, will in close collaboration with partners and highly experienced subcontractors ensure selection of the most optimum and efficient development solutions for the developments of the Pecan Field. Efficiency will be delivered through focusing on a lean organizational structure working closely with selected subcontractors, and an effective use of technology, including qualified digitalization solutions.

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Pecan Development - Phase 1a and Phase 1b
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Re: [Ghana] Pecan

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Aker Energy secures additional USD 100 million investment from Africa Finance Corporation for development of offshore blocks

(Oslo, 29 December 2021) Aker Energy AS (“Aker Energy”) is happy to announce that, the Africa Finance Corporation (AFC) has invested an additional USD 100 million in senior secured convertible bonds, which will be part of the financing for the development of the Deepwater Tano Cape Three Points (“DWT/CTP”) block in Ghana.

This brings AFC’s total bond investment to USD 200 million. In 2019, the AFC took up USD 100 million convertible bonds issued by Aker Energy.

“We are delighted that AFC continues to support the development of the DWT/CTP block, said Karl Johnny Hersvik, Board Chairman of Aker Energy. The decision to double its investment is indicative of the viability of the project and particularly welcoming in light of recent trends in the oil and gas sector.”

The terms of the bonds have been re-negotiated and extended to mature in December 2026, with an option to extend by a further three years.

Aker Energy and its license partners, have secured the FPSO Dhirubhai-1 for the first phase of the field development, and are working to submit a revised Plan of Development for the DWT/CTP block before the summer of 2022.

“Our commitment to fast tracking Africa’s economic development through strategic investments is unwavering, especially when we see opportunities in high impact projects such as the DWT/CTP project, said Samaila Zubairu, President and CEO of Africa Finance Corporation. “With the increasing dearth of financing for developing new oil and gas resources to tackle Africa’s significant energy deficit, we are convinced that timely investments such as this will be critical to helping African countries develop their natural resources and grow their economies.”

AFC is a multilateral finance institution created by African sovereign states to provide pragmatic solutions to Africa’s infrastructure deficit and challenging operating environment by developing and financing infrastructure, natural resources and industrial assets for the enhanced productivity and economic growth of African countries. AFC has 33 African countries and three multilaterals as its members and has invested over US$9.8 billion in projects in 35 countries across Africa since its inception.

Arctic Securities acted as sole manager and financial advisor for the transaction. Aker Energy AS and AFC were advised by Norwegian law firms Schjødt and Wiersholm respectively.
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Re: [Ghana] Pecan

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Pecan Energies announce successful approval of Plan of Development for the Deepwater Tano/Cape Three Points block offshore Ghana

July 3rd 2023

On behalf of its partners, Pecan Energies, the operator of the Deepwater Tano/Cape Three Points (DWT/CTP) block offshore Ghana, is excited to announce the successful approval of the Plan of Development (PoD) for the DWT/CTP contract area by Ghanaian authorities.

“We are thrilled to receive the approval of the PoD for the DWT/CTP block by the Minister of Energy and the Ghanaian Authorities. This achievement demonstrates Africa Finance Corporation’s (AFC) de-risking capabilities and capacity to navigate complex challenges, leverage our expertise, and collaborate effectively with our partners to achieve shared objectives. We are excited about the potential GDP uplift of USD 10 billion for the Ghanaian economy from the DWT/CTP block and look forward to working closely with the government of Ghana to ensure the successful execution of this important project. With this milestone, we believe that the future of the Pecan and other associated fields on the Block shines bright, bringing with it promising economic prospects and sustainable growth opportunities for Ghana and its people” said Samaila Zubairu, President and Chief Executive Officer of AFC.

As the new owners of Pecan Energies, AFC, through its wholly-owned subsidiary, AFC Equity Investment Ltd (AFCEI), will now work towards a Final Investment Decision (FID) following extensive engagement with all relevant stakeholders and partners.

The PoD presents an overall plan for the phased development and production of the resources in the DWT/CTP contract area. The phased development will begin with the Pecan field in two phases, Phase 1a and Phase 1b. The Pecan field is the largest of several discoveries in the contract area with 268 million barrels expected to be produced in Phase 1a+1b with a CAPEX of USD 3.5 billion. In total, it is estimated that all discoveries in the DWT/CTP contract area have a recoverable resource potential of 550 million barrels.

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

“We have a highly competent technical team with field management and global deep water project experience to execute the development and production of the field. With AFC’s superior knowhow in investing in the upstream oil and gas sector combined with technical support from the vastly experienced Aker Group we are confident we can deliver the project on time, with quality and within cost,” assured Eiliv Gjesdal, Chief Executive Officer of Pecan Energies AS.

On the African continent, AFC has invested over USD 1 billion in the upstream oil and gas sector since 2007 through the deployment of innovative financial products that support the sustainable development of Africa’s vast resources within the framework of the energy transition, whilst retaining value on the continent.

“We have worked together as a team, overcoming considerable obstacles along the way. The approval of the PoD is a testament to the perseverance and dedication shown by the Pecan Energies team to the project. We remain committed to Ghana and look forward to working together with our partners towards first oil,” said Kadijah Amoah, Chief Executive Officer of Pecan Energies Ghana Limited.

AFC is a pan-African multilateral development finance institution with a proven track record in providing pragmatic solutions to Africa’s infrastructure deficit, having assembled a USD 10.5 billion portfolio of loans and other investments across six sectors.

The Corporation has 40 member countries. The Republic of Ghana became an AFC sovereign shareholder in 2018, having acceded to membership in 2011. AFC has invested in several projects in Ghana across various real sectors over the last 15 years, both as equity and debt providers. These projects include but are not limited to (i) the Kpone Independent Power Plant, where AFC, through AFCEI is the single largest shareholder in Cenpower Generation Company Limited (the special purpose vehicle set up to develop the project); (ii) the Takoradi Port Project, where AFC is the debt provider and a significant shareholder for the project company, Atlantic Terminal Services Limited; (iii) the expansion of the Kotoka International Airport, with AFC as a debt provider; and (iv) the Access LNG Project, as a debt provider.
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