Russian energy giant Lukoil to participate in Pecan field


The final plan for the development of the Pecan field of the Deepwater Tano Cape Three Points (DWT/CTP) block, in which Lukoil will be a participant, is supposed to be submitted to regulators in Ghana by April 14.

According to Lukoil’s vice president for the Americas, Africa and the Middle East, Ivan Romanovsky, if it is approved the Russian oil company might make the final investment decision on the project in October-November.

He said the final development plan is at the stage of being submitted to Ghana’ regulator.

“The deadline for the submission of this application is by April 14. After this, if the government and regulatory bodies do not have any issues, we plan to make the final investment decision sometime in October-November of this year,” Romanovsky said.

The DWT/CTP block covers more than 2,000 square km in the western part of Ghana waters in the Gulf of Guinea.

The sea depth within the boundaries of the block ranges from 1,600 to 3,000 meters. Seven hydrocarbon fields have been discovered at the block, including five oil field and two gas fields.

Norway’s Aker Energy holds a 50% stake in DWT/CTP and is the operator of the field. Lukoil joined the project in March 2014 and the deal was closed in October 2015. The Russian company’s stake is estimated at 38%.

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