Aker Energy buys Hess’ Ghana business

Aker Energy, a 50-50 JV between Aker and TRG, has acquired Hess’ 40% interest in Deepwater Tano Cape Three Points, offshore Ghana for USD100 million, with USD25 million payable at close and a further USD75 million payable on PDO approval.

The block lies south of the Jubilee and TEN blocks operated by Tullow and covers over c.2,100km² with a 2C resource estimate of ~550mmbbl. Aker will present a development plan for the block later this year with the first phase targeting c.400mmbbl using a FPSO with a subsea production system. First oil is anticipated in 2021.

The ultra-deepwater block (~2,000-2,500m depth) contains seven discoveries. Hess declared commerciality on four of the fields in March 2016 with Pecan identified as the development hub. However, with the fields straddling the Ghanaian / Cote d'Ivoire border and the ongoing dispute at the time, the partners were unable to apply for a development licence. With the border dispute now settled, the development can now go ahead.

Post transaction, the ownership of the block will be Aker Energy (40%), Lukoil (50%) and GNPC (10%) The development helps Ghana develop its hydrocarbon resources beyond TEN and Jubilee which currently produce c.200mboe/d.

Hess: Deepwater Tano Cape Three Points drilling results (2015)

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