Page 4 - AfrOil Week 34 2022

AfrOil COMMENTARY AfrOil

Discoveries at DWT/CTP block (Image: Aker Energy)
Lukoil hits back at Aker over

Pecan project offshore Ghana

The Russian major says its Norwegian partner’s concerns about sanctions penalties are unwarranted

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

P4 www. NEWSBASE .com Week 34 25•August•2022