Norwegian oil company, Aker Energy, has disclosed to Citi Business News it is hoping to start its oil exploration activities in Ghana by the end of 2021.
The company explains that it is working to complete the necessary processes to get clearance from the government to start operations.
The CEO of Aker, Jan Arve Haugan outlined the company’s investment plans at the Norwegian-Ghana Business Investment Forum on Monday, March 19, 2018.
The CEO of the Ghana National Petroleum Corporation (GNPC), Dr. K.K Sarpong first hinted of Aker Energy’s involvement in Ghana’s oil and gas sector in January 2018.
The announcement by the CEO of Aker, Jan Arve Haugan therefore corroborates the progress of work that has transpired between Ghanaian authorities and the company.
Aker’s operation in Ghana is however subject to the completion of an agreement to buy Hess Corporation’s stake in the ultra deepwater Tano Cape Three Points block in the Western region.
Jan Arve Haugan tells Citi Business News his outfit is fast tracking a development plan for the block for approval within the stipulated time period.
“The company was established and the first action was to acquire the Hess role of operatorship and then of the licenses so when that is formalized and approved by the Board and the partners, our next stop is then to do the first operational well and then in parallel to that we are developing our field development plan to explain our plan to work with speed to get this field developed and our ambition is to have the first oil in 2021 in Ghana,” he explained.
The oil block in question currently holds an estimated 550 million barrels of oil equivalent and has the potential for a further 400 million barrels.
Mr. Haugan also believes the new exploration will support its expansion drive into other regions in Africa.
“First of all, it will be an operation where it is going to be a new facility that is producing oil and gas in wells outside Ghana. We do believe that there are very prospective areas to the south of the area that has been acquired.”
The coming on board of Aker will improve Ghana’s oil production while increasing revenue from the resource.
This will also add unto other major oil producing fields such as the Jubilee, TEN, Sankofa Gye Nyame among others.