Aker Energy, a 50-50 joint venture between Aker and TRG, has entered into an agreement with Hess Corporation to acquire a 50 percent participating interest in the Deepwater Tano Cape Three Points block (DWT/CTP) offshore Ghana.
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 company noted.
The discovered contingent resources of the block are estimated to be 550 million barrels (2C) with a remaining prospective volume upside of approximately 400 million barrels.
The field development concept will be based on a FPSO with a subsea production system. Proven artificial lift solutions will 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.