Ghana has granted approval for Africa Finance Corporation’s (AFC) development plan concerning the Pecan field, as stated by the group’s Chief Executive Officer, a report from Bloomberg indicates.
Under this plan, Pecan Energies, the local unit of AFC Equity Investment, will take on the role of the operator for the $3.5 billion project. This news is said to have been confirmed by AFC President and CEO, Samaila Zubairu, in a phone conversation.
The Africa Finance Corporation (AFC) has set out its stall as a financier and partner for the continent’s energy transition, with a strategy to support renewable energy and critical minerals projects around the continent, as well as the development of battery manufacturing supply chains.
The AFC also plans to continue supporting short- to medium-term energy needs by backing upstream and midstream gas projects and gas-to-power (GTP) developments.
Pecan field, discovered in 2012, which lies in block Deepwater Tano/Cape Three Points is jointly owned by Aker Energy Ghana Limited, Bulk Ship & Trade, Ghana National Petroleum and Lukoil Oil.
In 2020, Aker Energy Ghana Limited reaffirmed its commitment to finding a solution that will allow for the commencement of a phased development of the Pecan field offshore Ghana.
Aker Energy and partners had been assessing several Floating Production Storage and Offloading (FPSO) candidates for redeployment, and the final selection will be based on technical capabilities and cost.
According to the GlobalData Oil & Gas Intelligence Center, production from the Pecan conventional oil development project is expected to begin in 2025. Production is expected to peak in 2027, to approximately 82,409 bpd of crude oil and condensate.
Source: The Independent Ghana | Andy Ogbarmey-Tettey