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By Victoria Klesty
OSLO, July 18 (Reuters) - Norwegian investment firm Akercould launch its planned initial public offering (IPO)of Aker Energy in late 2019 or in 2020, depending on when Ghanaapproves the development plan of its Pecan oilfield, the CEOsaid.
The company, controlled by Norwegian billionaire Kjell IngeRoekke, has said it wants to make Aker Energy a leadingexploration and production company on Ghana's continental shelf.
"My educated guess is a late 2019 or during the course ofnext year," Aker Chief Executive Oeyvind Eriksen told Reuterswhen asked about the IPO plans.
Ghana's authorities are expected to approve Aker Energy'srevised $4.4 billion development plan for its offshore Pecanfield by late in the third quarter of 2019, although delayscould not be ruled out, Eriksen said.
Eriksen said he expected Aker Energy to raise the capital itneeded despite volatility in the oil and gas market.
A first step towards attracting capital was taken thismonth, when Aker Energy issued subordinated convertible bonds of$100 million to Africa Finance Corporation (AFC).
The bonds have a coupon of 5.5% and will be converted toequity in the event of an IPO.
Production is set to start 35 months after the finalinvestment decision.
In other operations, Aker BP, in which Aker has a 40% stakeand BP holds 30%, recently made an oil discovery, calledLiataarnet, in the North Sea's NOAKA area with its partner LOTOS.
Eriksen said this find, estimated to hold 80 million to 200million barrels of oil equivalent, could help Aker BP in itsdiscussions with Norway's Equinor over how to developthe NOAKA oil and gas fields.
"I have noticed that Equinor stated publicly a few weeks agothat the Aker BP technical solution is of no interest to them,but that statement was made before the Liataarnet discovery, andthat will change the dynamic of this discussion," he said.
"It goes without saying that with such a big, new discoveryboth Equinor and we have to revisit the technical concept," headded.(Editing by Edmund Blair)
