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Lukoil to make investment decision on Ghana offshore field in October or November

It is added that the final plan for the development of the field is at the stage of submission to Ghana’s regulatory bodies

POINTE-NOIRE /Republic of the Congo/, March 20. /TASS/. The final plan for the development of the Pecan field at the Deepwater Tano Cape Three Points (DWT/CTP) block, in which Lukoil will participate, is to be submitted to Ghana’s regulatory bodies by April 14. If the plan is approved the company may make an investment decision on the project in October or November, Vice President of Lukoil for the Americas, West Africa and Europe Ivan Romanovsky told reporters.

The final plan for the development of the field is at the stage of submission to Ghana’s regulatory bodies, he added.

"The deadline for filing the application is April 14. After that, if the government and regulatory bodies have no objections, we plan to make the final investment decision this October or November," Romanovsky said.

The DWT/CTP block with a total area of slightly over 2,000 square km is located in the western part of Ghana’s waters in the Gulf of Guinea. The water depth within the block ranges from 1,600 to 3,000 m. Seven hydrocarbon fields have been discovered at the block, five oil and two gas fields.

Norway’s Aker Energy owns a 50% share in the DWT/CTP block and it is the operator of the field. Lukoil entered the project in March 2014, with the deal being completed in October 2015. The share of the Russian company is estimated at 38%.

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