The Aker Energy-led Deepwater Tano Cape Three Points (DWTCTP) block offshore Ghana has received funding from Africa Finance Corp. (AFC), according to a news release.
The infrastructure solution provider said July 15 it is investing US$100 million of convertible bond notes that will go toward developing the deepwater block, which includes the Pecan Field and several other fields.
“This is an opportunity for AFC to invest alongside a technically and financially strong sponsor that requires project development expertise and public sector advice in Africa, both of which AFC is ideally placed to offer,” AFC CEO Samaila Zubairu said in a statement.
Holding about 334 million barrels of oil equivalent in reserves, the Pecan Field is set to be developed first. Aker Energy (50%) along with DWTCTP partners—Lukoil (38%), Fueltrade (2%) and Ghana National Petroleum Corp. (10%)—aim for first oil in 2021.
Aker has said development plans for the field, discovered by Hess Corp. in 2012, include use of an FPSO connected to a subsea production system.
AFC said the investment is the start of a “mutually beneficial relationship in the exploration and production sector across the African continent” with Aker.
The agreement includes Baker Hughes' highly-efficient and reliable modular liquefaction trains, and power generation and electrical distribution equipment for the Calcasieu Pass Project.
Stratas Advisors forecasts a 53 Bcf injection into gas storage for the week ended Aug. 16.
The spread between Brent and WTI has narrowed, making US oil less attractive.