Ghana is advancing plans to secure a substantial ownership stake in the Deepwater Tano Cape Three Points oil block as part of its broader energy strategy.
The offshore field, situated about 115 kilometres off Ghana’s coastline, has faced added complexity due to Western sanctions linked to Russia’s Lukoil, which currently holds a 38% interest in the asset.
According to individuals familiar with the matter who requested anonymity, the government is weighing the option of activating its preemptive rights to acquire Lukoil’s share, Bloomberg reported.
The situation has been further complicated by uncertainty surrounding Lukoil’s international holdings, shaped by geopolitical tensions, including US restrictions and evolving investor arrangements involving firms such as the Carlyle Group.
These developments have created additional obstacles for the project while simultaneously opening a pathway for Ghana to assert its legal and commercial interests in the block.
The asset is considered highly valuable, particularly because of the Pecan field discovery, which has remained undeveloped despite long-standing plans for production.
Project delays have also been worsened by changing partnerships, including the exit of Norway-based Aker Energy, which withdrew amid concerns over the project’s long-term viability and structure.
The Deepwater Tano/Cape Three Points block, now operated by Pecan Energies, is classified by Wood Mackenzie as a major ultra-deepwater oil and gas development zone offshore Ghana.
Within the 2,010-square-kilometre block lies significant hydrocarbon potential, including the Pecan field, which is estimated to contain between 450 and 550 million barrels of oil equivalent.
For Ghana, the initiative goes beyond a single asset acquisition, reflecting a wider national objective to strengthen control over natural resources and increase participation in upstream petroleum revenues.
As part of this approach, authorities have already ordered a valuation of their stake and formally indicated plans to exercise their preemptive rights.
Officials are also exploring the possibility of partnering with additional investors to help finance the substantial capital required for full-scale development.
Following Aker Energy’s departure in 2023, Africa Finance Corporation assumed operatorship through Pecan Energies Ltd, holding a 50% stake in the block.
Sources also indicate that Shell Plc is currently in discussions to acquire a portion of the local operating entity.