Home | Goldstreet Business
Tuesday, January 19, 2021
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
Gold Business Logo
No Result
View All Result

Ghana’s 4th oilfield development plans begin next month

February 18, 2019
in Uncategorized
0
Share on FacebookShare on Twitter

The next few weeks will be critical for Ghana’s medium term economic fortunes as Aker Energy concludes it’s drilling of two more appraisal wells in its oil rich Deepwater Tano exploration block.

Already, the Pecan 4A appraisal well drilling has unearthed enough oil to commence development of the Pecan oilfield, Ghana’s fourth oilfield, but ongoing drilling and subsequent assessment of the results will determine how big the impending oilfield will be, how productive and how it will be developed.   Aker Energy expects to submit is plan of development for the Pecan oilfield to government by the end of March, which will incorporate decisions guided by the latest, ongoing drilling and assessment programme, the company’s chief executive, Jan Arve Haugen has revealed.

RELATED POSTS

Exploring Alternative Funding Through Financial Markets

Debt level worrying, debt to GDP to hit 80% in 2021 – Moody’s

Already, the appraisal drilling at the Pecan 4A well has indicated an estimated 450-550 million barrels of oil equivalent (mmboe), enough to set up an oilfield that produces some 125,000 barrels per day. However Aker is hoping that the two subsequent wells being drilled and assessed could indicate an increase in estimated reserves to somewhere between 600 – 1,000 mmboe. The upper end of that range could support production of some 200,000 bpd which would effectively double Ghana’s oil production which currently stands at about 200,000 from the Jubilee, TEN Cluster and Sankofa oilfields.

Already Aker is considering a plan of development that would enable a phased development of the Pecan field with first oil from the first phase taking place as early as late 2020, as the company prepares to leverage on its long and intense experience in the Norwegian sea and its access to the latest technologies. However some oil engineers see this as over-ambitious, even if the first phase is designed as a relatively small one just to get production up and running in order to generate part of the monies needed for a full-blown field development. Indeed the development of the field will be a drawn out affair as Aker has already identified multiple targets to be drilled as part of a greater area development outside of the initial plan of development to be submitted to government for approval some six weeks from now.

Government itself will accede to an accelerated, albeit phased, plan of development. Initially, subsequent to Aker’s acquisition of Hess Ghana’s exploration properties in Ghana at the start of 2018, the company had announced that it expected to have an approved plan of development in place before the end of last year, with first oil scheduled for 2021. However that was before the Pecan 4A discovery and expectations of further major discoveries in the area, which provides the foundation for a much bigger oilfield than originally anticipated and a full-blown field development could push first oil forward as far.

Government on its part however has put it hopes on the impending Pecan’s oil export revenues, which it expects to start flowing in just as the repayment of the series of Eurobonds issued during the tenure of the Mahama administration start falling due for repayment. The then Finance Minister Seth Terkper never hid his expectation that the large foreign loans taken between 2014 and 2016 would be serviced and ultimately amortized from increasing oil export revenues as Ghana discovers new oil deposits and brings them into production.

By Toma Imirhe

60

SHARES
facebook Share on Facebook
Twitter Tweet
Follow Follow us
custom Share
custom Share
custom Share
custom Share
custom Share
ShareTweetShare

Related Posts

Buying and Selling Bonds on the Capital Market in Ghana

Exploring Alternative Funding Through Financial Markets

January 18, 2021
Debt level worrying, debt to GDP to hit 80% in 2021 – Moody’s

Debt level worrying, debt to GDP to hit 80% in 2021 – Moody’s

January 18, 2021
New Board for Institute of Directors-Ghana

New Board for Institute of Directors-Ghana

January 18, 2021
Are there Signs of the Sudan Oil Industry Recovering?

Are there Signs of the Sudan Oil Industry Recovering?

January 18, 2021
Telegram Reaches 500 Million User Milestone

Telegram Reaches 500 Million User Milestone

January 18, 2021
Next Post

Local rice to be certified

CPC bemoans delay in US$3m stimulus package

Archives

<
January 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
▼
>
MonTueWedThuFriSatSun
    123
45678910
11121314151617
18192021222324
25262728293031
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
     12
3456789
10111213141516
17181920212223
242526272829 
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
    123
45678910
11121314151617
18192021222324
25262728   
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       

RECOMMENDED

Buying and Selling Bonds on the Capital Market in Ghana

Exploring Alternative Funding Through Financial Markets

January 18, 2021
Debt level worrying, debt to GDP to hit 80% in 2021 – Moody’s

Debt level worrying, debt to GDP to hit 80% in 2021 – Moody’s

January 18, 2021

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Energy
  • Health
  • Auto
  • International
  • Subscription Form
  • Staff Webmail
  • About Us
  • Contact Us
Call us: +233 24 432 0902 | info@goldstreetbusiness.com

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • World
  • Business
  • Technology
  • Health

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.