Ghana plans to buy part of offshore oil field owned by Russian company

• Ghana is considering buying the stake owned by Russian oil giant Lukoil in a major offshore oil block following challenges linked to international sanctions.

• According to Bloomberg, the move is aimed at protecting Ghana’s oil production and ensuring continued investment in the country’s energy sector.

• The Deep Water Tano/Cape Three Points block is considered strategically important to Ghana’s long-term oil and gas development plans.

Ghana is exploring plans to acquire the stake held by Russian oil giant Lukoil in one of the country’s major offshore oil blocks after international sanctions complicated the company’s operations, according to a report by Bloomberg.

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Bloomberg reported that Ghana’s government is assessing options to take over Lukoil’s interest in the Deep Water Tano/Cape Three Points block, an offshore field that forms part of Ghana’s wider oil-producing basin.

Lukoil is one of Russia’s largest private oil and gas companies, involved in the exploration, production and sale of petroleum products across several countries.

The company has operated in Ghana’s offshore oil sector for years through its stake in the Deep Water Tano/Cape Three Points oil block. 

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Ghana decided to make the move due to Western sanctions imposed on Russia following the war in Ukraine which continues to affect Russian companies operating globally, including ones in Africa’s energy sector.

According to Bloomberg, state-owned Ghana National Petroleum Corporation (GNPC) is considering ways to ensure continued investment and stability in the offshore block if Lukoil is unable to maintain operations or financing because of sanctions restrictions.

Ghana wants to prevent disruptions to oil production and future investments in the field by possibly taking over the Russian company’s share.

The Deep Water Tano/Cape Three Points block is located near Ghana’s Jubilee and TEN oil fields, which are among the country’s most important petroleum assets.

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Lukoil currently owns a 38% stake in the block alongside partners including Kosmos Energy and GNPC.

The offshore area is considered strategically important because it contains significant untapped oil and gas potential that could support Ghana’s long-term energy revenues.

Bloomberg reported that discussions regarding Lukoil’s stake are still ongoing and no final agreement has yet been reached.