Government through the Ministry of Energy has approved the Plan of Development (PoD) for Pecan Energies, the operator of the Deepwater Tano/Cape Three Points (DWT/CTP) block offshore Ghana.
A statement issued by the firm on July 3, 2023 noted that the development has the GDP potential to uplift about $10 billion for the Ghanaian economy from the DWT/CTP block.
President and CEO of the Africa Finance Corporation in his remarks said, “With this milestone, we believe that the future of the Pecan and other associated fields on the Block shines bright, bringing with it promising economic prospects and sustainable growth opportunities for Ghana and its people”
“As the new owners of Pecan Energies, AFC, through its wholly-owned subsidiary, AFC Equity Investment Ltd (AFCEI), will now work towards a Final Investment Decision (FID) following extensive engagement with all relevant stakeholders and partners,” the statement added.
Chief Executive Officer of Pecan Energies Ghana Limited, Kadijah Amoah on her part said, "We have worked together as a team, overcoming considerable obstacles along the way. The approval of the PoD is a testament to the perseverance and dedication shown by the Pecan Energies team to the project.
She continued, "we remain committed to Ghana and look forward to working together with our partners towards first oil."
Meanwhile, the PoD presents an overall plan for the phased development and production of the resources in the DWT/CTP contract area.
The phased development will begin with the Pecan field in two phases namely; Phase 1a and Phase 1b.
The Pecan field is the largest of several discoveries in the contract area with 268 million barrels expected to be produced in Phase 1a+1b with a CAPEX of US$ 3.5 billion. In total, it is estimated that all discoveries in the DWT/CTP contract area have a recoverable resource potential of 550 million barrels.
The Pecan field, situated in ultra-deep waters ranging from 2,400 to 2,700 meters about 115 kilometers offshore Ghana, will be developed with a Floating Production Storage and Offloading (FPSO) vessel and a subsea production system (SPS).
Pecan Energies has been granted approval to develop and produce resources in the DWT/CTP area