Aker Energy AS, controlled by Norwegian billionaire Kjell Inge Roekke has completed a £70m deal to acquire Hess Corporation’s (HES.N) stake in Ghanas Ghanas Cape Three Points block.

The company is working around the clock to launch production from its first oil field in 2021.

As such it is expected that it submits a field development plan this year.

Aker Energy also plans to build a significant exploration and production business in the country together with the Ghana National Petroleum Corporation (GNPC), it added.

Hess already has a 50% stake in Ghana's Tano Cape Three Points block.

Aker Energy is targeting about 400 million barrels through a floating production, storage and offloading vessel.

Aker president and chief executive Oyvind Eriksen said: “Aker is pleased to have been invited into this joint venture by TRG and looks forward to exploring the opportunity of building a significant E&P activity in Ghana inspired by what Aker has achieved on the NCS.

“The Aker Group is uniquely positioned to combine technological know-how from the upstream oil and gas industry with its extensive experience in the oil services to deliver a successful fast-track project.

“We are looking forward to partnering with the GNPC and have high expectations for what we can achieve together.”