The government through the Energy Ministry has approved the development plan for Pecan Energies.
Pecan Energies is the operator of deep water Tano Cape 3 point, DWCTP block offshore Ghana.
The company in a statement says the development has the potential to contribute about 10 billion dollars to Ghana’s economy.
The Africa Finance Corporation, new owners of Pecan Energies, in a statement, said with this milestone, the future and other associated fields on the bloc shine bright bringing with it promising economic prospects and sustainable growth opportunities for Ghana.
It noted that AFC through its wholly-owned subsidiary, AFC equity investment will now work towards a final investment decision following extensive agreement with all relevant stakeholders and partners.
Chief Executive Officer of Pecan Energies, Ghana, Kadijah Amoah said the approval of the plan of development is a testament to the perservance and dedication shown by the Pecan Energies.
She said the company remains committed to Ghana and is looking forward to working together with partners towards first oil.
The plan presents an overall strategy for the fixed development and production of the resources in the deep water Tano Cape 3 points contract area.
The Pecan field is the largest of several discoveries in the contract area with 268 million barrels expected to be produced in phase one A and one B.
It is estimated that all discoveries in the deep water Cape Three Points contract area have a recoverable resource potential of 550 million barrels.
