President Akufo-Addo has announced that Norwegian oil firm, Aker Energy, is set to make some huge investment in Ghana in the coming months.
The company recently entered into a Letter of Intent with Yinson Holdings Berhad to award a bare-boat charter and an operations and maintenance contract for a floating, production, storage and offloading (FPSO) vessel at the Pecan field, offshore Ghana.
The President says Aker Energy’s investment will allow them to play a major role in the country’s petroleum sector.
Speaking at a meeting with the Norwegian Prime Minister, Erna Solberg, as part of his two-day working visit, the President said Aker’s investment is going to have a big impact on the future development of Ghana’s petroleum sector.
“It is also going to mean that a Norwegian company like Aker Energy is going to be in a prominent role in the development of our national economy.
“All of these are reasons why it is important that the visit such as the one I am undertaking continues to go forward” he noted.
Aker Energy Investment
The Norwegian company last week revealed that the letter of intent it awarded Yinson follows a competitive tender.
This demonstrates Aker Energy’s intention to award the forthcoming bareboat charter and operations and maintenance contract for the FPSO for the planned development of the Pecan field in the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana.
“We are continuing with our preparations for the Pecan project and awarding an LOI for the future contracts for the FPSO vessel is certainly a key milestone,” says Mr. Svein Jakob Liknes, CEO of Aker Energy.
“As one of the world’s leading FPSO providers, we have a strong belief in Yinson’s ability to deliver on time, at the required quality, and to the highest safety standard.”
The contracts will have a firm duration of ten years followed by five-yearly extension options exercisable by Aker Energy as an operator on behalf of the license partners Lukoil, Fueltrade and Ghana National Petroleum Corporation (GNPC).
Once developed and installed, the FPSO will be located over and connect to the state-of-the-art sub-sea production system located at approximately 2,400 meters below sea level.
Together, this will form the fourth installation to produce oil and gas resources offshore Ghana.
The FPSO will be Yinson’s second vessel to operate in Ghanaian waters, with the first being FPSO John Agyekum Kufuor, operating for ENI since 2017.
“We look forward to partner with Yinson to make the Pecan project a reality – to the mutual benefit of the people of Ghana, Aker Energy and our partners.
Once in operation, the project will bring significant revenues to the country as well as direct and indirect job opportunities for indigenous companies and individuals,” says Mrs. Kadijah Amoah, Country Director of Aker Energy in Ghana.