Russian oil firm Lukoil said on Aug. 18 a decision by Norway’s Aker Energy to postpone the submission of a development plan for its Pecan oil field off Ghana over sanctions concerns had no lawful grounds.
Aker Energy, controlled by Aker ASA, owns 50% of the deepwater block off Ghana where the Pecan Field is located, while Lukoil holds 38%, Ghana National Petroleum Corp. has 10%, and Fueltrade 2%.
“There are no lawful grounds for such references related to the sanctions restrictions for the project,” Lukoil said in a statement. “The company and its management are not subject to any sanctions, therefore there are no obstacles in this respect for the joint development of the oil field.”
Aker ASA CEO Oeyvind Eriksen told a call with analysts on Aug. 17 that the partners would not submit a development plan to Ghanaian authorities “until the challenges have been resolved.”
Russia sent troops into Ukraine on Feb. 24 in what it calls “a special military operation,” prompting unprecedented Western sanctions on Moscow.
Vagit Alekperov, a former Soviet deputy oil minister, resigned as president of Lukoil in April. A source familiar with the matter said at the time that Alekperov had decided to leave after he was sanctioned in order to safeguard the company’s operations.
Recommended Reading
As Permian Targets Grow Scarce, 3Q M&A Drops to $12B—Enverus
2024-10-16 - Upstream M&A activity fell sharply in the third quarter as public consolidation slowed and Permian Basin targets dwindled, according to Enverus Intelligence Research.
Oxy CEO Sheds Light on Powder River Basin Sale to Anschutz
2024-11-14 - Occidental is selling non-core assets in the Lower 48 as it works to reduce debt from a $12 billion Permian Basin acquisition.
Report: ConocoPhillips Shopping Delaware Basin Assets for $1B Sale
2024-10-30 - ConocoPhillips has laid out a $2 billion divestiture campaign to reduce debt from a blockbuster acquisition of Marathon Oil.
ConocoPhillips Completes $22.5B Acquisition of Marathon
2024-11-22 - ConocoPhillips CEO Ryan Lance said he expects synergies of more than $1 billion on a run rate basis over the next 12 months.
Despite Low Prices, Thrifty, Efficient E&Ps Keep Distributions Flowing
2024-10-08 - Even with lower commodity prices, producers have maintained healthy shareholder returns through dividends and buybacks thanks to M&A, drilling efficiencies and capital discipline.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.