Aker Energy Postpones Ghana Offshore Oil Field Plan amid Lukoil's Involvement

August 18, 2022

Pecan development concept, as previously planned - Credit: Aker Energy
Pecan development concept, as previously planned - Credit: Aker Energy

Norway's Aker Energy said on Wednesday it would postpone submission of a development plan for its Pecan oilfield off Ghana amid concern the project could face sanctions over the war in Ukraine due to the involvement of Russian oil firm Lukoil.

Aker Energy, controlled by Aker ASA, owns 50% in the deepwater block off Ghana where the Pecan field is located, while Lukoil holds 38%, Ghana National Petroleum Corporation has 10% and Fueltrade 2%. 

The partners will not submit a development plan to Ghanaian authorities "until the challenges have been resolved," Aker ASA Chief Executive Oeyvind Eriksen told a call with analysts. 

Russia invaded Ukraine in February in what it calls "a special military operation," prompting unprecedented Western sanctions on Moscow and a breakup of economic relations. 

"We are continuing a dialogue with Lukoil and Ghanaian authorities about possible solutions," Eriksen told Reuters, adding that one option was for Lukoil to divest from the project. Aker said Ghanaian authorities have extended a deadline to submit the plan until Sept. 30. 

(Reuters - Reporting by Nerijus Adomaitis, editing by Terje Solsvik)




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