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Aker Energy Finds to Boost Oil Revenue by 15%

1 minute ago | Business & Finance Aker Energy Finds to Boost Oil Revenue by 15% By Modern Ghana

Aker Energy says Ghana could be earning about 640 million dollars or (15%) in oil revenue by the next two years with the coming on board of its new production wells.

The oil company has announced that its oil exploration works in the Deepwater Cape Three Points block has been successful with the oil reserves estimated between 450 and 550 million barrels of crude.

For this year, the government is expecting to rake in daily oil revenue of 11.6 million dollars which id expected to translate into yearly revenue of 4.23 billion dollars.

The projected price for a barrel of crude by the government is 66.76 dollars.

The performance of crude oil on the global market has not been encouraging recently, for instance, as at Friday, January 11, 2019, a barrel of the commodity was selling at 60.75 dollars after losing 93 cents.

Granted the government keeps its price in 2020, through 2021, then it should be earning daily oil revenue of 13.5 million dollars.

This will translate into annual revenue of 4.87 billion dollars. The increase would have also been influenced by increase in production by Aker energy to 200, 000 barrels of oil per day.

The Chief Executive Officer of Aker Energy, Jan Arve Haugan assured that the company will soon present a field development plan to various Ghanaian authorities in the oil and gas industry.

He observed that “based on these results, we will optimise the Plan of Development for the Pecan field. There is still a lot of work to be done, including to conclude the phasing of the development, the size of first phase and detailing of the concept. Our most important priority going forward is to deliver a robust field development plan to the Ghanaian authorities.”

Aker Energy estimates that with the next two appraisal wells to be drilled, the total volumes to be included in a Plan of Development (POD) have the potential to increase to between 600 – 1,000 mmboe. In addition, there are identified multiple well targets to be drilled as part of a greater area development after submission of the POD.

Aker Energy is the operator of the Deep Water Tano Cape Three Points block with a 50% participating interest. Aker Energy's partners are LUKOIL (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade (2%).

—citibusinessnews

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