Ghana is taking steps to acquire Lukoil PJSC’s 38% stake in the Deepwater Tano Cape Three Points offshore oil block. This acquisition could increase state control over future oil production. It would also reshape the ownership of a significant undeveloped asset.
The government plans to use its pre-emptive rights to buy Lukoil’s interest. This follows private equity firm Carlyle Group's agreement in January to acquire most of Lukoil’s international portfolio. The Ghanaian asset is believed to be part of this sale. The Deepwater Tano Cape Three Points block is located about 115 kilometres offshore Ghana. It contains the Pecan field, an ultra-deepwater oil and gas development. This field is considered one of Ghana’s most promising but delayed petroleum projects.
This initiative fits into Ghana’s broader effort to revitalise its upstream petroleum sector. Crude oil production has been under pressure recently. New field development has consistently lagged behind earlier expectations. Governments have faced pressure to unlock stalled discoveries and attract reliable partners. The goal is to prevent the country’s hydrocarbon reserves from entering long-term decline.
Ghana has already commissioned a share appraisal for the stake. It has formally signalled its intention to exercise its pre-emptive rights. Authorities are also considering bringing in additional partners to help finance the high development costs. The Pecan field holds estimated volumes of about 450 million to 550 million barrels of oil equivalent. This is within a larger 2,010-square-kilometre concession area.
The block’s development path has been complicated by Lukoil’s status as a sanctioned Russian energy company. Western restrictions and financing concerns have created uncertainty. Lukoil holds a 38% interest in the block. Africa Finance Corporation, through Pecan Energies, is the operator with a 50% stake. Ghana’s national oil company is already a participant in the block.
The potential acquisition represents more than just a financial asset for Accra. It is a strategic lever. By acquiring Lukoil’s interest, Ghana could gain greater influence over the development pace. It could also influence the choice of partners and the structure of future revenues from the block. This would remove a geopolitical complication that has affected project financing. It could also improve investor appetite.
This move is meant to facilitate development, but it also presents both an opportunity and a risk. Acquiring the stake allows Ghana to assert stronger national participation in a strategic petroleum asset. Global oil companies are becoming more selective about new exploration investments. However, the transaction demands rigorous valuation and financing discipline. Legal clarity and technical capacity are also crucial. This is to avoid burdening the state with an expensive asset requiring substantial development capital. This transaction also reopens questions about the state's role in Ghana’s petroleum sector. Ghana National Petroleum Corporation previously attempted to acquire stakes in other assets, raising scrutiny over valuation and transparency. Energy policy watchers will monitor whether this is a commercially sound move or another state-led bet with uncertain returns.