AFC provides $100m for Ghana oil project
Africa Finance Corporation (AFC) on Tuesday announced that it had financed Aker Energy, a subsidiary of Aker ASA, by investing in $100-million of convertible bond notes.
The funds will be used by Aker Energy to finance the development of the Deepwater Tano Cape Three Points (DWTCTP) block, which contains multiple oilfields, offshore Ghana.
The asset is owned by Aker Energy (50%) in a joint venture with Lukoil (38%) and Fueltrade (2%). State-owned Ghana National Petroleum Corporation holds a 10% shareholding.
The Pecan field, which is the most appraised in the DWTCTP block and the field to be developed in the first phase, is an oilfield estimated to contain reserves of about 334-million barrels of oil equivalent.
This investment is aligned with AFC's overall natural resources strategy, which entails building a portfolio of value-added assets across the energy value chain.
By taking an early equity financier role in operational or near-operational upstream assets, AFC can enhance the revenue potential of African States to generate revenue required for investment in infrastructure and social services for its growing populations.
This investment also marks the beginning of AFC and Aker's mutually beneficial relationship in the exploration and production sector across the African continent.
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