Ghana seeks stakes in the sanctions-hit Russian oil asset, which it has a rightful claim to

Ghana is taking strategic steps to acquire a significant stake in the Deepwater Tano Cape Three Points block.

• Ghana aims to acquire a major stake in the Deepwater Tano Cape Three Points offshore oil block, mainly by purchasing Lukoil's 38% stake affected by Western sanctions.
• The government's initiative is partly a response to geopolitical tensions and the desire to secure Ghana's energy future.
• Delays in developing the valuable Pecan oil field have been exacerbated by changing partnerships, including the exit of Aker Energy.
• Ghana is pursuing this deal as a broader strategy to increase national control and revenue shares from its oil resources.

This offshore asset, located approximately 115km from the Ghanaian coast, has been complicated by Western sanctions due to the 38% ownership currently held by Russia's Lukoil.

To resolve this and secure its energy future, the Ghanaian government, per sources close to the development, which wishes to remain anonymous, is considering exercising its preemptive rights to buy out the Russian interest, as seen on Bloomberg.

The uncertainty surrounding Lukoil's global assets has also been influenced by broader geopolitical pressures, such as US prohibitions and changing ownership structures involving global investors such as the Carlyle Group.

These conditions have complicated the future of the offshore block and provided an opportunity for Ghana to pursue its legal and commercial rights.

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The asset itself is regarded as quite valuable, particularly given the presence of the Pecan field finding, which has been untapped despite years of planning.

However, development delays have been exacerbated by shifting alliances, notably the earlier departure of Oslo-based Aker Energy, which left amid mounting doubt about the project's structure and sustainability.

Currently run by Pecan Energies, the Deepwater Tano/Cape Three Points block, as seen on Wood Mackenzie, is a significant ultra-deepwater oil and gas development area offshore Ghana.

Significant resources, including the main Pecan field with estimated volumes of 450–550 million barrels of oil equivalent, are located inside the 2,010-square-kilometer block.

For Ghana, the move is more than just a single transaction; it represents a broader strategic approach.

Like many resource-rich African countries, it seeks to lessen reliance on foreign operators while increasing its share of upstream oil income.

Authorities in the West African country have already commissioned a share appraisal and formally signaled their intention to exercise preemptive rights.

At the same time, they are considering bringing in additional partners to assist in financing the huge costs associated with developing the area.

After Aker left in 2023, Africa Finance Corp. took over as the block's operator with a 50% stake through Pecan Energies Ltd.

According to the sources, Shell Plc is currently in negotiations to purchase a portion of the local unit.