In March, Aker Energy announced that a final investment decision (FID) for the Pecan field development project had been placed on hold, postponing the project. While no new date has been set for the FID, the company is working actively to confirm the feasibility of a phased Pecan field development by executing conceptual studies.
The phased development of the Pecan field and the utilisation of a redeployed FPSO vessel will substantially reduce the CAPEX and, hence, reduce the breakeven cost. In addition, it will increase the possibility of reaching a commercially feasible project that will allow for an investment decision. Aker Energy and partners are currently assessing several FPSO candidates for redeployment, and the final selection will be based on technical capabilities and cost.
While the original field development concept was based on a centralised FPSO supporting the development of the entire Pecan field, as well as tie-ins of all other area resources, the focus has shifted toward a phased development approach. This approach will enable Aker Energy to commence with one FPSO for Pecan in the south and expand to a second FPSO in the north after a few years, with tie-ins of additional discovered resources. The first FPSO will be deployed at around 115 km offshore Ghana over a subsea production system installed in ultra-deep waters in depths ranging from 2,400 to 2,700 meters.