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Business News of Wednesday, 26 February 2020


Aker Energy’s investment pivotal to our economy – Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has announced that Norwegian oil firm, Aker Energy, is set to in the coming months make some significant investments to the Ghanaian economy.

Recently, the oil firm issued a Letter of Intent with Yinson Holdings Berhad to award a bare-boat charter and an operations and maintenance contract for floating, production, storage and offloading (FPSO) vessel at the Pecan field, offshore Ghana.

According to the President, Aker Energy’s investment will have a pivotal impact on the future development of Ghana’s oil and gas sector.

Speaking at a meeting with the Norwegian Prime Minister, Erna Solberg, as part of his two-day working visit, Akufo-Addo noted; “It is also going to mean that a Norwegian company like Aker Energy is going to be in a prominent role in the development of our national economy. All of these are reasons why it is important that the visit such as the one I am undertaking continues to go forward”

Encouraged by the fact that more Norwegian companies are looking to invest in Ghana, signified by the presence of Aker Energy, President Akufo-Addo stressed that; “I wish to assure the more 50 Norwegian companies operating in our country that my government will continue to try and maintain a conducive investment atmosphere that would not only guarantee the safety of their investments, but also good returns on investments as well.”

The President urged more Norwegian companies to invest in Ghana, and was optimistic that more Ghanaian companies will take up the offer to invest in Norway.

Aker Energy’s LOI to Yinso for FPSO vessel

Aker Energy Ghana Limited recently issued a Letter of Intent (LOI) with Yinson Holdings Berhad to award a bare-boat charter and an operations and maintenance contract for Floating, Production, Storage and Offloading (FPSO) vessel at the Pecan field, offshore Ghana.

The LOI follows a competitive tender and demonstrates Aker Energy’s intention to award the forthcoming bare-boat charter and operations and maintenance contract for the FPSO for the planned development of the Pecan field in the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana.

“We are continuing with our preparations for the Pecan project and awarding an LOI for the future contracts for the FPSO vessel is certainly a key milestone,” says Mr. Svein Jakob Liknes, CEO of Aker Energy. “As one of the world’s leading FPSO providers, we have a strong belief in Yinson’s ability to deliver on time, at the required quality, and to the highest safety standard.”

The contracts will have a firm duration of ten years followed by five-yearly extension options exercisable by Aker Energy as an operator on behalf of the license partners Lukoil, Fueltrade and Ghana National Petroleum Corporation (GNPC).

Once developed and installed, the FPSO will be located over and connect to the state-of-the-art subsea production system located at approximately 2,400 meters below sea level.

Earlier this month, Aker Energy appointed Mrs. Kadijah Amoah as Country Director of Aker Energy Ghana Ltd.

The appointment follows Aker Energy’s strategy to strengthen the company’s local presence and management in Ghana.

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