ACCRA, May 13 – Ghana is considering acquiring Lukoil PJSC’s stake in one of its key offshore oil blocks as the country moves to expand control over future crude production, according to people familiar with the matter.
The West African nation is weighing the use of pre-emptive rights to purchase the Russian company’s 38% stake in the Deepwater Tano Cape Three Points block, the people said, asking not to be identified because the discussions are private.
Ghana argues it holds the first right to acquire the stake after Carlyle Group agreed earlier this year to purchase a large portion of Lukoil’s international portfolio, which is expected to include the Ghanaian asset.
Carlyle declined to comment on whether the block forms part of the transaction, while Ghana’s energy ministry also declined to comment. Lukoil did not immediately respond to requests for comment.
The block contains the Pecan oil field, one of Ghana’s largest undeveloped offshore discoveries. Development of the project has faced delays amid growing sanctions pressure on Russian energy firms following Moscow’s invasion of Ukraine.
The uncertainty surrounding Lukoil’s involvement previously contributed to the exit of Norway-based Aker Energy from the project.
The US last year expanded sanctions targeting Russian energy firms, including Lukoil and Rosneft PJSC, as Washington increased pressure on the Kremlin over the war in Ukraine.
Ghana, like several African oil producers, has been pushing to increase domestic participation in natural-resource projects to capture a larger share of revenues traditionally dominated by international oil companies.
The government has commissioned a valuation of the stake and informed Lukoil of its intention to invoke pre-emptive rights, according to one of the people familiar with the matter.
Additional investors may later be brought into the project to help finance development costs for the Pecan field and surrounding assets.
Africa Finance Corp. became operator of the block in 2023 through its subsidiary Pecan Energies after acquiring a controlling interest following Aker Energy’s departure.
Meanwhile, Shell Plc is also in discussions regarding a possible stake acquisition in the local unit involved in the project, according to the people. Shell declined to comment.
