Economics Oil Licensing
Oil Licensing

Africa Finance Corporation (AFC), an infrastructure financing firm has committed 100 million US dollars into the field development of Ghana’s newly appraised offshore Deepwater Tano Cape Three Points (DWTCTP) block, a release said here on Tuesday.

The financing package is to support Aker Energy of Norway, the lead operator to finance the development of the DWTCTP field.

The joint owners of the DWTCTP block are Aker Energy (50 percent); Lukoil (38 percent); Fueltrade (two percent), and a 10 percent carry interest for the Ghana National Petroleum Corporation (GNPC), wholly owned by the government of Ghana.

The DWTCTP block development will start from the Pecan field, the most appraised field in the block; estimated to contain reserves equivalent to about 334 million barrels of oil.

“This is an exciting milestone for AFC, to have partnered with the subsidiary of one of the most highly respected international oil, gas and industrials companies,” Samaila Zubairu, President and Chief Executive Officer of AFC said.

Under the partnership, AFC will also support Aker to open new opportunities and mitigate potential geopolitical risks, said the release.

“We value AFC’s vote of confidence by collaborating with Aker Energy and the commitment to further strengthening this partnership going forward, “Jan Arve Haugan, CEO of Aker Energy said.

He added: “We believe AFC will be a valuable partner to help Aker Energy navigate the opportunities and challenges that lie ahead of us.”

With three producing fields, Jubilee, TEN (Tweneboa-Enyenra-Ntomme) and the Sankofa field Offshore Cape Three Points (OCTP), the West African country became a net oil exporter in 2018

Between 2011 and 2017, Ghana earned 4.0 billion dollars from its share of oil produced in the country. Enditem

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