Norwegian oil startup Aker Energy has submitted to Ghana a $4.4 billion plan for developing an offshore oilfield, it’s shareholder Aker said on Thursday.

Total reserves at the Pecan field development in the Deepwater Tano/Cape Three Points (DWT/CTP) block are estimated at 334 million barrels of oil, with plateau production expected at 110,000 barrels per day, the company added in a statement.

Aker has previously said the West African field could start production in about three years after the development plan is approved or as early as 2022.

The total planned capital investment of $4.4 billion excludes the charter rate for leasing a floating production, storage and offloading vessel (FPSO) to produce the resources.

The Oslo-listed investment firm Aker, owned by Norwegian billionaire Kjell Inge Roekke, has also said Aker Energy could launch an initial public offering (IPO) after the summer, 2019.

Aker has a 50 percent stake in Aker Energy, while Roekke owns the rest via his private firm TRG.

The Pecan field area also held 110-210 million barrels of oil equivalent (boe) in contingent resources which could be developed at a later stage, Aker said.

The appraisal drilling could potentially increase the resource base to between 600 million boe and 1 billion boe, it added.

Aker Energy’s partners in the block are Russia’s Lukoil (38 percent), the Ghana National Petroleum Corporation (10 percent) and Fueltrade (2 percent).

If developed, the Pecan field could become the fourth producing field off Ghana.

Source: Reuters