Ghana is invoking pre-emptive rights to acquire sanctioned Russian firm Lukoil’s 38% stake in the Deepwater Tano Cape Three Points block, Bloomberg reported Wednesday, a move that could give the Ghanaian state near-majority exposure in one of Africa’s largest undeveloped deepwater oil fields.
The push was triggered in January when private equity firm Carlyle Group agreed to purchase most of Lukoil’s international asset portfolio, a deal that likely encompasses the Ghanaian block. Sources cited by Bloomberg said Ghana believes it holds the right of first refusal and has already commissioned a formal valuation of the stake and notified Lukoil of its intention to exercise that right.
President John Dramani Mahama has previously described the Pecan field as “a potential game changer for the country’s energy sector,” and the government’s reported decision to act on its pre-emptive rights signals that Accra intends to move from observer to principal in the block’s development.
The block, located in ultra-deepwater of 2,400 to 2,700 metres approximately 115 kilometres offshore, holds recoverable resources estimated at 453 million barrels by Wood Mackenzie, with the wider contract area carrying a potential of 550 million barrels across seven discovered fields. Peak production from the Pecan field alone could reach 80,000 barrels per day, requiring total capital investment of approximately $3.5 billion.
The block’s current ownership sits with Pecan Energies Ltd, operator with a 50% stake, Lukoil at 38%, Ghana National Petroleum Corporation (GNPC) at 10%, and Fueltrade Limited at 2%. The Africa Finance Corporation (AFC), a pan-African multilateral institution, took control of Pecan Energies in 2023 after Norwegian firm Aker Energy exited the project under sanctions-related pressure.
If Ghana secures Lukoil’s 38%, the state’s combined holding through GNPC and any direct acquisition vehicle would approach 48%, reshaping the governance and revenue dynamics of the field before a Final Investment Decision is reached.
Bloomberg reported that Shell Plc is in ongoing discussions over a potential stake in the local operating entity, though the company declined to comment. Sources indicated that additional investors could be brought in to help cover the field’s substantial development costs.
Neither Lukoil nor Ghana’s Energy Ministry officially commented on the matter.
The reported move aligns with the broader direction of Ghana’s energy policy under the Mahama administration, which has emphasised local participation in the petroleum sector. The timing also carries economic weight: Ghana’s economy grew 7.7% in February 2026, the country recently exited financial distress, and the government is looking to deepen revenue streams beyond its current production base.
