GAPNEWS

Ghana’s oil resources to increase by 500 million barrels.

Ghana’s oil resources will increase by more than 500 million barrels of oil with the successful appraisal of wells, a release has said.

In a release issued on Thursday, partners in Ghana’s budding Deepwater Tano/Cape Three Points(DWT/CTP) Pecan field announced the well results, which they said had confirmed their understanding of the area, as well as the resource base and upside potential in the block offshore Ghana’s western coast.

“Based on existing subsurface data from seismic, wells drilled and an analysis of the Pecan-4A well result, the existing discoveries are estimated to contain gross contingent resources of 450-550 million barrels of oil equivalent (mmboe),” the release from the Norwegian exploration firm Aker Energy (Aker) stated.

The release said Aker would optimize the Plan of Development for the Pecan field with a lot more work needing attention. “Our most important priority going forward is to deliver a robust field development plan to the Ghanaian authorities,” Jan Arve Haugen, Chief Executive Officer(CEO) of Aker, stated.

“Multiple government agencies including the Ghana National Petroleum Corporation (GNPC), Petroleum Commission and the Ministries of Energy and Finance have worked closely with the DWT/CTP partners to achieve this positive result,” Minister for Energy John Peter Amewu commented.

He pledged Ghana’s continued support and collaboration for Aker to work hard and deliver First Oil as quickly as possible.

The partners expect production to start in 2020

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