Deepwater Tano-CTP Block

In H1 2023, Pecan Energies on behalf of the DWT/CTP partners submitted a Plan of Development (PoD) in respect of the Pecan Field to the Minister for Energy for approval. The Minister granted approval to the PoD which is expected to be a phased development of the Pecan Field in 2025. In H1 2023, Pecan Energies on behalf of the DWT/CTP partners submitted a Plan of Development (PoD) in respect of the Pecan Field to the Minister for Energy for approval. The Minister granted approval to the PoD which is expected to be a phased development of the Pecan Field in 2025.

Aker has enjoyed consistent extensions to submit a revised POD after failing to deliver on several deadlines. In 2022, the company was unable to meet the June 30, 2022, deadline and sought an extension of the deadline on account of potential sanctions on Russian oil firm Lukoil (a partner on the block) due to the Russian-Ukraine War. Lukoil maintains that the decision to postpone the submission of the revised POD has no lawful grounds. The Ministry of Energy granted a three-month extension from June 30, 2022. ACEP’s industry intelligence indicates that Aker failed to meet this deadline, with another extension granted to December 2022. Aker has enjoyed consistent extensions to submit a revised POD after failing to deliver on several deadlines. In 2022, the company was unable to meet the June 30, 2022, deadline and sought an extension of the deadline on account of potential sanctions on Russian oil firm Lukoil (a partner on the block) due to the Russian-Ukraine War. Lukoil maintains that the decision to postpone the submission of the revised POD has no lawful grounds. The Ministry of Energy granted a three-month extension from June 30, 2022. ACEP’s industry intelligence indicates that Aker failed to meet this deadline, with another extension granted to December 2022.

In 2020, Aker Energy suspended and postponed all Pecan Field development activities on account of the impact of Covid-19. As of the time of this report, the contractors have not submitted a revised PoD for the Pecan Field as expected. In 2021, GNPC proposed and submitted a memo approved by Cabinet to Parliament to acquire additional 37 percent share in this block. This proposal raised significant opposition on the propriety and fiscal implications from CSOs in the sector and other stakeholders in the sector. The advocacy from these actors raised important threats of the proposal to the country’s fiscal situation including issues with the valuations and value-for-money concerns resulting in a suspension of the plans. In 2020, Aker Energy suspended and postponed all Pecan Field development activities on account of the impact of Covid-19. As of the time of this report, the contractors have not submitted a revised PoD for the Pecan Field as expected. In 2021, GNPC proposed and submitted a memo approved by Cabinet to Parliament to acquire additional 37 percent share in this block. This proposal raised significant opposition on the propriety and fiscal implications from CSOs in the sector and other stakeholders in the sector. The advocacy from these actors raised important threats of the proposal to the country’s fiscal situation including issues with the valuations and value-for-money concerns resulting in a suspension of the plans.

Aker awaited some amendments to its PA to finalize the Pecan PoD and resubmit. Parliament amended the DWTCTP PA in December 2020. However, Aker suspended the development of the field in April 2020 due to low oil prices and the COVID-19 pandemic. Aker awaited some amendments to its PA to finalize the Pecan PoD and resubmit. Parliament amended the DWTCTP PA in December 2020. However, Aker suspended the development of the field in April 2020 due to low oil prices and the COVID-19 pandemic.

Aker acquired the interest of Hess in the block and proceeded to complete appraisals studies. Programme of Development (PoD) was submitted to government. The PoD was not  approved. Aker has to revise and resubmit the PoD. Aker acquired the interest of Hess in the block and proceeded to complete appraisals studies. Programme of Development (PoD) was submitted to government. The PoD was not  approved. Aker has to revise and resubmit the PoD.