Page 7 - FSUOGM Week 34 2022

FSUOGM COMMENTARY FSUOGM

Lukoil hits back at Aker over Pecan

oil project offshore Ghana

The Russian major says its Norwegian partner's concerns about incurring

sanctions penalties are unwarranted.

RUSSIA LUKOIL, Russia’s largest privately owned oil to Ghanaian authorities. Since Lukoil is a share-
operator, has criticised Norway’s Aker Energy holder in the project, he said, work will have to
WHAT: for postponing the development of the Pecan remain on hold until the challenges related to
Russia’s largest oil oilfield offshore Ghana due to concerns about sanctions can be resolved.
operator is protesting the possibility of incurring sanctions penalties. As of press time, Aker had not yet responded
over Aker’s suggestion In a statement dated August 18, Lukoil indi- to the Russian major’s protest. Eriksen had told
that it exit the Pecan cated that it viewed Aker’s worries about falling Reuters on August 17 that his company was
oilfield offshore Ghana. foul of the Russian sanctions regimes introduced continuing to hold discussions with Lukoil and
by the US, the UK, the European Union and Ghana’s government on the best way to approach
WHY: other countries after the invasion of Ukraine as the matter. One of the solutions under consider-
The Norwegian company unwarranted. “There are no lawful grounds for ation calls for Lukoil to sell its share and divest
is concerned about such references related to the sanctions restric- from the project, he explained.
incurring sanctions tions for the project,” the statement said. “The
penalties. company and its management are not subject to Level of caution
any sanctions; therefore there are no obstacles It is not entirely clear whether Aker is exam-
WHAT NEXT: in this respect [to] the joint development of the ining the possibility of excluding Lukoil from
Lukoil may seek oilfield.” the Pecan project out of an overabundance of
arbitration or some form Lukoil was responding to a statement made caution.
of legal remedy if it is the previous day by Oeyvind Eriksen, Aker’s The Russian major is, despite its protests,
pushed out of the project. CEO. Eriksen had said during a conference call actually a target of various sanctions regimes.
with analysts that the company had decided to It has been a target of US sanctions since the
wait to submit the development plan for Pecan Russian seizure of Crimea in 2014. Moreover, it

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