Pecan Phase 1

Poised to start commercial production in 2025, the First Phase of the Pecan Conventional Oil Field will involve the drilling of approximately five wells in ultra-deepwaters in the Gulf of Guinea. Estimated to contain up to 334 million barrels of oil equivalent, development of the project is projected to cost approximately $1.5 billion. Operated by exploration and production company Aker Energy with a 50% stake, development partners in the field include petroleum corporation Lukoil with a 38% stake; the state-owned Ghana National Petroleum Corporation with 10%; and transport company Bulk Ship & Trade holding the remaining 2% stake.

Ghana’s oil and gas industry has experienced significant growth following the discovery of commercial quantities of oil in the country’s Jubilee fields in 2007.

As a result, the West African country has sought to leverage its immense hydrocarbon resources to position itself as a petroleum hub for the region.

With 17 oil and gas projects poised for development between the outlook period 2023-2027, Ghana is set to become a world-class exporter of gas and petroleum products.