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Aker Energy Reaches Agreement to Acquire Hess Ghana

Source: 2/19/2018, Location: Africa

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Aker Energy AS, a 50-50 joint venture between Aker ASA and TRG AS, has entered into an agreement with a subsidiary of Hess Corporation to acquire its interests in Ghana consisting of a 50 percent participating interest in the Deepwater Tano Cape Three Points block ("DWT/CTP"). The Tano Basin offshore Ghana is a prolific petroleum region where Aker Energy sees considerable potential to apply the Aker Group's experience from the Norwegian Continental Shelf (NCS) to build a significant E&P activity in Ghana together with Ghana National Petroleum Corporation ("GNPC").

The total cash consideration for the transaction is USD 100 million, consisting of USD 25 million payable upon closing of the transaction and a further USD 75 million payable upon approval of the Plan for Development and Operation (PDO) on the DWT/CTP block. The acquisition is subject to approval from relevant Ghanaian authorities and other customary closing conditions.

The DWT/CTP block

The DWT/CTP block covers approximately 2,010 square kilometres in a prolific petroleum region. In the last ten years, seven exploration wells and five appraisal wells have been drilled on this block. The discovered contingent resources are estimated to be 550 million barrels (2C) with a remaining prospective volume upside of approximately 400 million barrels.

Aker Energy has drawn upon the expertise in oil field development from the companies in the Aker Group and is currently progressing a commercially robust development solution with a fast-track first phase targeting approximately 400 million barrels. The field development concept will be based on a FPSO with a subsea production system. The development concept will build on experience gained from the NCS with multilateral wells with improved completion solutions providing improved reservoir contact and recovery factor. Proven artificial lift solutions will further enhance recovery rates while infield pipeline solutions will ensure flow properties. The subsea production system will be designed to facilitate rapid tie-backs to the centrally located FPSO in the second phase. The PDO will be submitted in 2018 with anticipated first oil in 2021.

For more information about related Opportunities and Key Players visit West Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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