Ghana is reportedly taking steps to acquire the 38% stake held by sanctioned Russian oil giant Lukoil PJSC in the Deepwater Tano Cape Three Points oil block. If successful, this could mark a major step toward increasing local control over the country’s strategic petroleum resources.
According to a report by Bloomberg, cited by The High Street Journal, the Ghanaian government is considering invoking its pre-emptive rights to take over the stake following efforts by private equity firm Carlyle Group to purchase a significant portion of Lukoil’s international assets.
People familiar with the matter told Bloomberg that Ghana believes it has the first right to acquire the stake before any external buyer completes a transaction involving the offshore asset.
The development places Ghana at the center of a potentially significant restructuring of ownership within one of the country’s key undeveloped offshore oil projects.
A Strategic Move to Increase Ghana’s Control Over Oil Resources
The Deepwater Tano Cape Three Points block contains the Pecan oil field, one of Ghana’s major offshore discoveries that is yet to be fully developed. For years, uncertainty surrounding sanctions on Russian companies following the Russia-Ukraine war has cast a shadow over the project and complicated investment decisions tied to the block.
Bloomberg reported that the sanctions pressure contributed to the eventual exit of Norwegian firm Aker Energy from the project.
The United States last year also imposed sanctions on Lukoil and Russian oil company Rosneft PJSC as pressure intensified on Moscow over the war in Ukraine.
Against this backdrop, Ghana’s reported decision to pursue Lukoil’s stake is being viewed as both a strategic and economic move aimed at strengthening national participation in the oil sector.
What This Means for Ghana
If completed, the acquisition could significantly increase Ghana’s influence over future oil production, revenue generation, and long-term energy planning.
For years, many African oil-producing countries, including Ghana, have sought greater participation in their extractive industries instead of relying heavily on foreign multinational companies to dominate production and profits.
By taking over the stake, Ghana could potentially secure a larger share of future earnings from the Pecan field while also gaining stronger control over investment and operational decisions linked to the project.
The move could also help Ghana reposition itself strategically within the global energy industry at a time when geopolitical tensions and sanctions are reshaping ownership structures in the oil market.
However, analysts say financing the acquisition and eventual development of the field will require strong partnerships and substantial capital investment.
Ghana Already Taking Steps Toward Acquisition
According to Bloomberg, Ghana has already commissioned a valuation of the Lukoil stake and formally informed the Russian company of its intention to invoke its pre-emptive rights.
Sources familiar with the discussions, according to Bloomberg, said additional investors could later be brought on board to help finance the costly development of the offshore fields.
Currently, Africa Finance Corporation has become the operator of the block in 2023 through Pecan Energies Ltd. after Aker Energy exited the project.
Bloomberg also reported that Shell Plc is in ongoing discussions over potentially acquiring a stake in the local operating entity, although the company declined to comment.
Bigger Push for Resource Ownership
The reported move reflects a broader push across Africa for resource-rich countries to take greater ownership of strategic natural assets and reduce dependence on foreign oil majors.
For Ghana, the acquisition could represent more than just an oil transaction. It could become part of a wider national strategy to deepen local participation in the petroleum sector, maximize long-term economic benefits from natural resources, and strengthen energy security.
Bloomberg reported that neither Lukoil nor Ghana’s Energy Ministry officially commented on the matter.
