Aker ASA expects Ghanaian authorities to approve a revised $4.4 billion development plan for the offshore Pecan oil field by the end of third-quarter 2019, the Norwegian investment firm’s CEO told Reuters on May 10.
The company had previously said it expected the plan to be approved in the summer of 2019.
“We still expect the production to start 35 months after the plan’s approval. We are working to see how can we get the costs down, but today we maintain the same budget,” Aker CEO Oeyvind Eriksen said.
The Pecan field will be run by Aker’s subsidiary Aker Energy, which submitted its original development plan on March 28.
Aker, controlled by Norwegian billionaire Kjell Inge Roekke, has said it wants to make Aker Energy a leading E&P company on the Ghanaian Continental Shelf.
In addition, Aker also plans to invest in Ghana’s oil service industry, Eriksen said.
Roekke wants companies in Aker’s portfolio, Aker BP and Aker Energy, to produce a total of one million barrels of oil per day by 2025, he announced earlier this year.
Separately, Eriksen also said Aker Solutions, Norway’s largest oil services companies, will expand its oilfield maintenance and modification business, as well as renewable energy, in particular within offshore wind installations.
Recommended Reading
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
NAPE: Chevron’s Chris Powers Talks Traditional Oil, Gas Role in CCUS
2024-02-12 - Policy, innovation and partnership are among the areas needed to help grow the emerging CCUS sector, a Chevron executive said.
US Drillers Cut Oil, Gas Rigs for Fourth Week in a Row-Baker Hughes
2024-04-12 - The oil and gas rig count, an early indicator of future output, fell by three to 617 in the week to April 12, the lowest since November.
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
2024-04-05 - The oil and gas rig count, an early indicator of future output, fell by one to 620 in the week to April 5, the lowest since early February.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.