Sam Ikeotuonye, with agency reports
Lagos— Controversy surrounded Ghana’s Pecan oilfield development Thursday as Russian oil firm Lukoil said a decision by Norway’s Aker Energy to postpone the submission of a development plan for the oilfield off Ghana over sanctions concerns had no lawful grounds.
Aker Energy, controlled by Aker ASA, owns 50% of the deepwater block off Ghana where the Pecan field is located. Lukoil holds 38%, while Ghana National Petroleum Corporation has 10%, and Fueltrade 2%.
Ghana has been expecting a final investment decision, FID, on the oilfield since 2020.
But, Aker Energy announced on Wednesday that it would postpone submission of a development plan for the field because the project could face sanctions over the war in Ukraine due to the involvement of Russian oil firm Lukoil.
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.
“We are continuing a dialogue with Lukoil and Ghanaian authorities about possible solutions,” Eriksen was quoted by Reuters to have said, 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 September 30.
Thursday’s claim by Lukoil that the decision by Aker Energy to postpone the submission of the development plan over sanctions concerns had no lawful grounds, is clearly at variance with Aker’s position.
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.
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