Ghana is considering buying out Lukoil's stake to strengthen its control over production, according to Bloomberg
Ghana plans to tighten government control over oil production and is considering buying out Russian company Lukoil’s stake in a large offshore oil block.
Bloomberg reports this, citing informed sources.
According to them, the deal involves Lukoil’s 38% stake in the Deepwater Tano Cape Three Points block, which is of strategic importance for the country’s future oil production.
According to the sources, Ghana may exercise its right of first refusal to purchase the asset, especially after the Carlyle Group private equity fund agreed to acquire a significant portion of Lukoil’s international portfolio, which may include this project.
The Ghanaian government, according to sources, has already commissioned a valuation of the stake and informed the Russian company of its intention to exercise its right of first refusal. At the same time, additional investors may be brought in to finance the development of the fields.
Meanwhile, the parties to the deal and those involved in the process are refraining from public comment.
Development of the block has long been complicated by geopolitical risks and sanctions pressure on Russian energy companies following Russia’s invasion of Ukraine. This has already led to the withdrawal of certain international players from the project, including Norway’s Aker Energy.
The project is also linked to the Pecan field, which has not yet been brought into production despite its significant potential.
Analysts note that Ghana, like other West African countries, seeks to increase its share of oil production profits while gradually reducing its dependence on international operating companies.
As a reminder, the United States has extended the license for the sale of international assets of the Russian company Lukoil, which is under sanctions. The new deadline is set for May 30.
The U.S. has postponed sanctions restrictionson Lukoil’s overseas network.
Additionally, the General Staff confirmed strikes on the strategic Lukoil refinery and Russian military facilities.
Drones attacked the Lukoil refinery and a thermal power plant in the Nizhny Novgorod region of the Russian Federation.
