Aker Energy postpones submission of development plan over involvement of Russian firm

Aker Energy postpones submission of development plan over involvement of Russian firm

Norway’s Aker Energy said on Wednesday it would postpone submission of a development plan for its Pecan oilfield off Ghana amid concern the project could face sanctions over the war in Ukraine due to the involvement of Russian oil firm Lukoil

Aker Energy owns 50% in the deepwater block off Ghana where the Pecan field is located, while Lukoil holds 38%, Ghana National Petroleum Corporation has 10% and Fueltrade 2%.

Aker ASA Chief Executive Oeyvind Eriksen in a call with analysts Wednesday said the partners will not submit a development plan to Ghanaian authorities until the challenges have been resolved.

Russia invaded Ukraine in February in what it called “a special military operation”, prompting unprecedented Western sanctions on Moscow and a breakup of economic relations.

“We are continuing a dialogue with Lukoil and Ghanaian authorities about possible solutions”, Eriksen told Reuters, adding that one option was for Lukoil to divest from the project.

Published: 18-08-2022