Ghana is positioning itself to acquire a major stake in the Deepwater Tano Cape Three Points block, a strategically valuable offshore asset sitting roughly 115 kilometres from its coastline. The government’s push comes as the block’s future has been clouded by Western sanctions tied to Russian energy giant Lukoil, which holds a 38% ownership interest in the development.
Faced with mounting geopolitical complications — including United States-imposed restrictions and shifting ownership dynamics involving global investment players like the Carlyle Group — Accra is weighing the exercise of its preemptive rights to buy out Lukoil’s share. Sources familiar with the matter, who asked not to be identified, confirmed the government’s intent, which was also reported by Bloomberg.
The block itself holds considerable commercial promise. At its centre is the Pecan field, which holds estimated recoverable volumes of between 450 and 550 million barrels of oil equivalent spread across a 2,010-square-kilometre ultra-deepwater acreage. Despite years of planning, those reserves remain untapped — a legacy of protracted delays, most notably the 2023 exit of Oslo-based Aker Energy, which pulled out amid growing doubts about the project’s long-term viability.
Operations on the block are currently led by Pecan Energies Ltd, the vehicle through which Africa Finance Corporation stepped in as operator with a 50% stake following Aker’s departure. Separately, Shell Plc is said to be in active talks to acquire a portion of the local unit, according to the sources.
For Ghana, this is not merely a commercial transaction. It fits into a wider national strategy to reduce dependence on foreign operators and capture a larger share of the country’s upstream oil revenues — a goal shared by several resource-rich African nations seeking greater control over their energy sectors. To that end, the government has already commissioned a valuation of the relevant shares and is simultaneously exploring partnerships to help shoulder the significant capital costs that deepwater development demands.
By: Andrews Kwesi Yeboah