{"id":2680,"date":"2019-02-18T23:42:54","date_gmt":"2019-02-18T23:42:54","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=2680"},"modified":"2019-02-18T23:42:57","modified_gmt":"2019-02-18T23:42:57","slug":"aker-energy-eyes-ipo-after-submitting-ghana-oilfield-plan-in-march","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/02\/18\/aker-energy-eyes-ipo-after-submitting-ghana-oilfield-plan-in-march\/","title":{"rendered":"Aker Energy eyes IPO after submitting Ghana oilfield plan in March"},"content":{"rendered":"\n

Norwegian oil company Aker<\/a> said\u00a0that its exploration start-up in Ghana will submit development plans to Ghanaian authorities in March and the parent will then decide whether to sell stakes via an initial public offering or other means.<\/p>\n\n\n\n

The subsidiary, Aker Energy, plans to develop the deepwater Pecan field off Ghana.<\/p>\n\n\n\n

\u201cDepending\n on the approval process in Ghana, we believe the first oil is \nachievable in late 2020 or early 2021,\u201d Aker\u2019s Chief Executive Oeyvind \nEriksen told Reuters during an earnings presentation.<\/p>\n\n\n\n

A recent appraisal had confirmed contingent resources of 450 million-550 million barrels of oil equivalent (mmboe) at the field, Aker said.<\/p>\n\n\n\n

Aker Energy plans to drill another two wells in February, expected to prove between 150 and 450 mmboe\n of additional resources, with preliminary results expected before the \ndevelopment plan is submitted, Eriksen told the presentation.<\/p>\n\n\n\n

Aker controls oil company Aker BP, 30 percent owned by BP, which has announced plans to triple its oil production by 2025 from 155,700 boepd in 2018.<\/p>\n\n\n\n

Expected production from Ghana and potential acquisitions in Norway support\n the plan of Aker\u2019s main shareholder, Norwegian billionaire Kjell Inge \nRoekke, to increase total oil output to over 1 million boepd by 2025, Eriksen said.<\/p>\n\n\n\n

Aker Energy operates and holds a 50 percent stake in the DWT\/CTP block off Ghana, which contains several discoveries.<\/p>\n\n\n\n

Its partners are Russia\u2019s Lukoil (38 percent), the Ghana National Petroleum Corporation (10 percent) and Fueltrade (2 percent).<\/p>\n\n\n\n

Eriksen\n also told Reuters that Aker was still interested in mergers and \nacquisitions involving its oil service firms, including Aker Solutions.<\/p>\n\n\n\n

\u201cWe\n still see opportunities (for M&A)… but the downturn has been more\n rough for our competitors, which have been more preoccupied with \nmanaging price volatility instead of focusing on strategic decisions,\u201d \nhe said.<\/p>\n\n\n\n

He\n declined to say whether he expected any deals to be made this year as \noil prices have recovered from a slump in the last quarter of 2018.<\/p>\n\n\n\n

As\n a result of the price fall and capital market volatility, Aker\u2019s net \nasset value (NAV), its core performance indicator, dropped to 41.7 \nbillion crowns ($4.8 billion) in the fourth quarter from 63.2 billion \ncrowns in the third quarter.<\/p>\n\n\n\n

However,\n the company proposed to increase its dividend to 22.5 crowns per share \nfor 2018, up from 18 crowns for 2017, as it has received a record 2.2 \nbillion crowns in cash from its portfolio companies for the full year, and expected this figure to grow to over 3 billion crowns in 2019.<\/p>\n\n\n\n

Aker shares were trading down 0.7 percent by 1150 GMT, underperforming a wider European oil and gas index which was down 0.2 percent.<\/p>\n\n\n\n

credit: reuters <\/p>\n","protected":false},"excerpt":{"rendered":"

Norwegian oil company Aker said\u00a0that its exploration start-up in Ghana will submit development plans to Ghanaian authorities in March and the parent will then decide […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":2681,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[],"class_list":["post-2680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nAker Energy eyes IPO after submitting Ghana oilfield plan in March - Apt News Ghana<\/title>\n<meta name=\"description\" content=\"Aker energy was still interested in mergers and acquisitions involving its oil service firms, including Aker Solutions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/02\/18\/aker-energy-eyes-ipo-after-submitting-ghana-oilfield-plan-in-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aker Energy eyes IPO after submitting Ghana oilfield plan in March - 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