Ghana moves to secure stake in sanctions-hit Russian oil asset as it pushes for greater control of strategic energy reserves
Ghana is positioning itself to take a significant stake in the Deepwater Tano Cape Three Points offshore block, a major oil asset at the center of growing geopolitical and commercial uncertainty following sanctions linked to Russian ownership interests.
The offshore block, located about 115 kilometers off Ghana’s coast, has drawn renewed attention after complications emerged around the 38% stake held by Russian energy giant Lukoil. The sanctions environment surrounding Russian-linked assets has increasingly clouded the future of the project, prompting Ghana to move decisively to protect what officials believe are its legitimate strategic and commercial interests.
Sources familiar with the matter say the Ghanaian government is exploring the use of its preemptive rights to acquire the Russian-held stake, a move that could significantly reshape ownership of one of West Africa’s most promising offshore petroleum assets.
The development reflects Ghana’s broader ambition to strengthen local participation in its extractive industries while reducing dependence on foreign-controlled upstream operations.
Sanctions and geopolitical shifts create opening for Ghana
The Deepwater Tano Cape Three Points block has become entangled in wider global geopolitical tensions affecting Russian-linked energy assets worldwide.
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Western sanctions, combined with mounting pressure from global financial institutions and evolving ownership structures involving international investors such as the Carlyle Group, have created uncertainty around the future of Lukoil’s international portfolio.
Industry observers say these developments have opened a strategic window for Ghana to assert its legal rights and pursue a larger role in the offshore project.
The government is reportedly already conducting a formal valuation of the stake while signaling its intention to move forward with possible acquisition plans.
Pecan field remains one of Ghana’s most valuable untapped discoveries
At the center of the offshore block is the highly prized Pecan field, regarded as one of Ghana’s most important undeveloped hydrocarbon discoveries.
The ultra-deepwater block spans approximately 2,010 square kilometers and contains estimated reserves of between 450 million and 550 million barrels of oil equivalent, making it one of the country’s most strategically valuable energy assets.
Despite its enormous potential, development of the field has faced repeated setbacks over the years due to financing concerns, changing partnerships, and restructuring within the consortium managing the project.
The situation became more uncertain after Oslo-based Aker Energy exited the project amid growing concerns over the commercial structure and long-term viability of the development plan.
Ghana pushes for stronger local control in oil sector
For Ghana, the potential acquisition represents far more than a routine investment decision.
The move aligns with a broader continental trend in which African resource-producing nations are seeking greater control over strategic natural assets and a larger share of revenues generated from extractive industries.
By increasing its stake in the offshore block, Ghana could strengthen its influence over future production decisions, improve long-term energy security, and potentially boost state revenues from crude oil exports.
Officials are also said to be evaluating options for attracting new strategic partners capable of supporting the massive capital requirements needed to fully develop the field.
New partnerships emerge as global energy firms reposition
Following Aker Energy’s departure in 2023, Africa Finance Corporation assumed operational control of the block through Pecan Energies Ltd., securing a 50% stake in the project.
The evolving ownership structure has continued to attract interest from global energy players seeking exposure to Africa’s offshore petroleum sector.
According to sources close to the negotiations, Shell Plc is currently in discussions to acquire part of the local unit, a move that could further reshape the consortium behind the development.
Analysts say any successful restructuring of the asset could revive momentum around the long-delayed Pecan project and potentially position Ghana for a new phase of offshore energy expansion.
The development comes at a time when Ghana is increasingly focused on leveraging its natural resources to strengthen economic resilience, attract strategic investment, and expand domestic participation in key sectors of the economy.
