Aker JV Buys into Ghana Licence

Norway’s Aker Energy,  a 50-50 joint venture between Aker group and TRG, said February 19 it has agreed to acquire US Hess Corporation’s 50% stake in Ghana’s Deepwater Tano Cape Three Points block (DWT/CTP).

TRG, which holds a stake in Ghana’s South Deepwater Tano block, is owned by Aker group’s principal shareholder Kjell Inge Rokke. 

Aker Energy will pay $100mn, of which one-quarter on closing and the remaining $75mn once the the DWT/CTP development plan, due for submission this year, is approved by Ghana. First oil is anticipated in 2021, said Aker Energy.

The company says the block is estimated to hold 550mn barrels (2C) of contingent resources but does not cite any gas. However Ghana's three main offshore producing fields (Jubilee, TEN, OCTP) either do or will supply associated gas.

It is expected that Aker Energy will take over from Hess as operator. The Norwegian firm added that its sister company Norwegian independent Aker BP will deliver “limited services to Aker Energy on market terms and  remain separate without funding  commitments or ownership interests in Aker Energy.”

State Ghana National Petroleum Corp’s CEO KK Sarpong said: “We believe that  our collaboration will lead to further successes in the ultra deepwater Tano basin of Ghana, and enable the transfer of knowledge  to the Ghanaian oil and gas industry.”  Hess' website lists Russia's Lukoil (since 2015) and local firms GNPC and Fueltrade as its partners in the DWT/CTP licence. Statoil agreed an option with Hess to farm into the licence in 2012 but it was either not followed through or since divested.