Kjell Inge Røkke is selling his Ghana-focused offshore oil company Aker Energy to the pan-African multilateral development finance institution Africa Finance Corporation (AFC).
The deal will see AFC take over the stakes of Røkke-controlled Aker (50.79%) and his family’s investment vehicle TRG (49.21%), becoming a 50% owner of the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana, comprising discoveries of 450m to 550m boe, including the Pecan ultra-deepwater field planned to be developed with a re-deployed FPSO connected to a subsea production system.
The consideration for the share purchase by AFC is an earn-out model based on potential future sales and/or production proceeds from the Pecan project, Aker said. Africa Finance Corporation had previously invested $200m in senior secured bonds in the DWT/CTP block development and its CEO, Samaila Zubairu, currently serves on the Aker Energy board.
Aker Energy’s management will remain unchanged and will work towards submission of the plan of development for the Pecan field to Ghanaian authorities this month.
“In line with Aker’s capital allocation priorities, we have thus made a strategic decision to sell our stake in the Ghana assets with an earn-out model as a consideration. This way we share the risk and reward of this future development,” said Øyvind Eriksen, president and CEO of Aker, adding: “The sale to a reputable African institution, such as the AFC, was considered to be the best way forward to ensure the development of the Pecan field, as well as the whole DWT/CTP block. “
