Ghana National Petroleum Corporation is reportedly advancing plans to acquire a significant stake in an offshore oil block partly owned by a Russian energy firm, in a strategic move aimed at strengthening national control over key petroleum assets and boosting long term energy security.
According to multiple reports, the government is targeting a 38% stake in the Deepwater Tano Cape Three Points (DWT/CTP) block, which is linked to the undeveloped Pecan oil field. The stake is currently held by Russia’s Lukoil, whose international assets have come under pressure due to Western sanctions linked to geopolitical tensions.
The move is part of Ghana’s broader strategy to increase its influence in upstream oil production at a time when global energy markets are being reshaped by sanctions, shifting investment flows, and restructuring of international oil portfolios. Authorities are reportedly considering exercising preemptive rights that could allow the state to purchase the stake before any external buyer finalises a deal.
The Deepwater Tano Cape Three Points block is considered one of Ghana’s most strategically important offshore assets because it contains the Pecan field, a major deepwater discovery that has remained undeveloped for years due to financing challenges, partner exits, and geopolitical uncertainty.
Industry reports indicate that the uncertainty surrounding Russian ownership has further complicated investment decisions in the block. The situation intensified after Western sanctions disrupted global energy partnerships involving Russian firms, creating openings for governments and private investors to renegotiate ownership structures.
Ghana’s interest in the asset also reflects a broader policy shift toward resource nationalism, where producing countries seek to secure greater direct stakes in their natural resources rather than relying heavily on foreign operators. This approach is increasingly common across Africa as governments aim to maximise revenue retention and strengthen control over strategic sectors.
Officials are also reportedly conducting a valuation of the stake to determine its market price and feasibility. Financing the acquisition is expected to be a major consideration, with analysts noting that large scale offshore oil developments require substantial capital, technical expertise, and long term investment commitments.
The potential deal could also attract additional partners. Reports suggest that international investors may be brought in to support the development of the field once ownership issues are resolved. This is particularly important given the high cost of deepwater oil projects, which often run into billions of dollars before production begins.
The Deepwater Tano block itself is already part of Ghana’s established offshore oil system, which includes major producing assets such as the Jubilee and TEN fields. These fields have been central to Ghana’s petroleum output since large scale production began in the early 2010s, positioning the country as one of West Africa’s key oil producers.
However, unlike those producing fields, the Pecan development has remained stalled, making it one of the most closely watched undeveloped offshore discoveries in the region. Its development is seen as a potential game changer for Ghana’s future production capacity if successfully brought online.
Ghana National Petroleum Corporation is expected to play a central role in any acquisition process, as it is the state agency responsible for managing petroleum exploration and production interests on behalf of the government. The corporation typically holds equity stakes in major oil projects and oversees Ghana’s participation in upstream ventures.
Analysts say the timing of the move is significant, as global oil markets continue to adjust to geopolitical shocks and energy transition pressures. For Ghana, increasing control over existing offshore assets could provide greater stability in revenue planning while reducing exposure to external investor decisions.
While neither Ghanaian authorities nor Lukoil have publicly confirmed the full details of the transaction, the development highlights ongoing efforts by resource rich countries to reposition themselves in global energy value chains.
If completed, the acquisition would mark a major step in Ghana’s long term ambition to strengthen its sovereignty over oil resources and ensure that more value from its offshore reserves remains within the country.