Norwegian oil company Aker said on Thursday that its exploration start-up in Ghana will submit development plans to Ghanaian authorities in March and the parent will then decide whether to sell stakes via an initial public offering or other means…
Norwegian oil company Aker said on Thursday that its exploration
start-up in Ghana will submit development plans to Ghanaian authorities
in March and the parent will then decide whether to sell stakes via an
initial public offering or other means.
The subsidiary, Aker Energy, plans to develop the deepwater Pecan field off Ghana.
“Depending on the approval process in
Ghana, we believe the first oil is achievable in late 2020 or early
2021,” Aker’s Chief Executive Oeyvind Eriksen told Reuters during an
earnings presentation.
A recent appraisal had confirmed contingent
resources of 450 million-550 million barrels of oil equivalent (mmboe)
at the field, Aker said.
Aker Energy plans to drill another two wells
in February, expected to prove between 150 and 450 mmboe of additional
resources, with preliminary results expected before the development plan
is submitted, Eriksen told the presentation.
Aker controls oil company Aker BP, 30 per
cent owned by BP, which has announced plans to triple its oil production
by 2025 from 155,700 boepd in 2018.
Expected production from Ghana and potential
acquisitions in Norway support the plan of Aker’s main shareholder,
Norwegian billionaire Kjell Inge Roekke, to increase total oil output to
over 1 million boepd by 2025, Eriksen said.
Aker Energy operates and holds a 50 per cent stake in the DWT/CTP block off Ghana, which contains several discoveries.
Its partners are Russia’s Lukoil (38 percent), the Ghana National Petroleum Corporation (10 percent) and Fueltrade (2 percent).
Eriksen also told Reuters that Aker was
still interested in mergers and acquisitions involving its oil service
firms, including Aker Solutions.
“We still see opportunities (for M&A)…
but the downturn has been more rough for our competitors, which have
been more preoccupied with managing price volatility instead of focusing
on strategic decisions,” he said.
He declined to say whether he expected any
deals to be made this year as oil prices have recovered from a slump in
the last quarter of 2018.
As a result of the price fall and capital
market volatility, Aker’s net asset value (NAV), its core performance
indicator, dropped to 41.7 billion crowns ($4.8 billion) in the fourth
quarter from 63.2 billion crowns in the third quarter.
However, the company proposed to increase
its dividend to 22.5 crowns per share for 2018, up from 18 crowns for
2017, as it has received a record 2.2 billion crowns in cash from its
portfolio companies for the full year and expected this figure to grow
to over 3 billion crowns in 2019.
Aker shares were trading down 0.7 per cent
by 1150 GMT, underperforming a wider European oil and gas index which
was down 0.2 per cent.
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