Aker Energy, 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 ('WT/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 Â 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 approx. 2,010 sq kms 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 approx. 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 approx. 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. Original article link Source: Aker ASA 
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