Aker wins deepwater acreage in Ghana
Aker ASA has been awarded a major oil and gas deepwater explorationand production license in the Gulf of Guinea. This region, off thecoast of west Africa, is widely regarded as one of the world's mostpromising petroleum provinces.
Ghana National Petroleum Corporation (GNPC) and governmentalauthorities selected Aker as the operator of the offshore explorationarea South Deepwater Tano in competition with international oilcompanies. The award has been sanctioned by the Ghanaian Parliament.
- The award by GNPC and the Ghanaian authorities representsrecognition of Norway's oil and gas expertise and a vote ofconfidence in Aker's capabilities, says Aker ASA's Board Chairman andPresident and CEO Leif-Arne Langøy. "The project generates excitingopportunities for several Aker companies."
Ownership interests for the exploration phase at South Deepwater Tanoare to be allocated as follows: Aker, 85 percent; GNPC and theGhanaian government together will own 10 percent; and Aker's localpartner Chemu Power Ltd. will hold a 5 percent stake. Upondetermination as a commercially viable field, the combined stake ofGNPC and the government of Ghana can increase to 25 percent.
The Tano basin is located off the coast of the west African countrythe Republic of Ghana. The exploration area covers 3,500 squarekilometers, which corresponds to approximately eight explorationblocks on the Norwegian continental shelf. Water depths in the arearange from 2,000 to 3,000 meters.
The Jubilee deepwater field has demonstrated the commercial potentialof Ghana's continental shelf. Jubilee, located in the Tano basin, isone of the largest offshore oil fields discovered in the past fiveyears.
South Deepwater Tano shares much of the promising geology found atJubilee. However, South Deepwater Tano is located further offshore inthe Gulf of Guinea and at greater water depths than Jubilee.
Aker will be in the driver's seat regarding exploration anddevelopment of South Deepwater Tano. Initially, Aker will investUSD 25-30 million in seismic survey and data interpretation; theprogram is scheduled to begin in the first quarter of 2009. Drillingthe first South Deepwater Tano exploration well is planned for 2011.Aker will consider inviting other industry participants to join aslicense partners.
- We believe that Aker will prove a solid partner for Ghana'sauthorities, who have a clear vision for making the country's oil andgas resources advance the nation's welfare. Aker has played a keyrole since the opening chapter of Norway's modern history as an oilproducer. Aker's broad industrial capabilities have continued todevelop through new technologies and projects worldwide. We are nowsharing this wealth of experience with the government and people ofGhana, says Mr. Langøy.
Aker Solutions, Aker Oilfield Services, Aker Exploration, AkerDrilling, and Aker Floating Production are companies thatindividually and jointly deliver products, technologies, andsolutions throughout the entire oil and gas value chain. Theengineering know-how and project execution skills of these Akercompanies are particularly valuable assets for the exploration andproduction of oil and gas at ultra-deepwater fields.
- Aker is able to cut the time span from identification ofhydrocarbons to production of first oil. Time is money. Working as ateam, Aker companies can develop oil fields and get them intoproduction quicker than competitors. We have proven this capabilityvia numerous field development projects worldwide, says Langøy.
For further information, please contact:Geir Arne Drangeid, Aker EVP, tel: +47 913 10 458
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