The Pecan field development was put on hold in April 2020 due to the Covid-19 pandemic and low oil prices
Offshore oil and gas operator Aker Energy has reiterated its commitment to developing the Pecan field located offshore Ghana in the Gulf of Guinea.
The development of the field was put on hold in April 2020 due to plunging oil prices and the Covid-19 pandemic.
However, Aker Energy said it is now assessing the feasibility of phased development of the Pecan field by implementing conceptual studies.
The original plan involved a centralised floating production, storage and offloading (FPSO) vessel to support the development of the entire Pecan field, as well as tie-ins of all other area resources.
According to the firm, the phased development and the utilisation of a redeployed FPSO vessel would substantially reduce the CAPEX. This would result in reduced breakeven cost.
Aker Energy seeks to finalise FPSO candidate for redeployment at Pecan field
Aker Energy and partners are currently working on finalising FPSO candidate for redeployment on the basis of technical capabilities and costs.
Aker Energy CEO Håvard Garseth said: “Although we have an altered timeline, we are on our way to finding a development concept with a breakeven price that is sustainable and resilient also in a low oil price environment.”
As part of the phased approach, Aker Energy plans to commence production with the deployment of first FPSO over a subsea production system for the Pecan field.
The work will be followed by the expansion to a second FPSO after a few years, with tie-ins of additional resources.
Ghana Deputy Minister of Energy Dr Mohammed Amin Adam said: “Getting projects like the Pecan field in operation is key toward our mission of making Ghana a major producer in West Africa and Africa as a whole.”
The field is operated by Aker Energy with 50% stake while other partners include Lukoil (38%), Fueltrade (2%) and Ghana National Petroleum Corporation (10%).
Earlier this year, Aker Energy selected Fugro to provide geotechnical and geophysical survey services for the Pecan field.