Lukoil says no lawful grounds for postponing Ghana oilfield submission

Date:

This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.
Aug 18 (Reuters) – Russian oil firm Lukoil (LKOH.MM) said on Thursday a decision by Norway’s Aker Energy to postpone the submission of a development plan for its Pecan oilfield off Ghana over sanctions concerns had no lawful grounds.

Thank you for reading this post, don't forget to subscribe!

Aker Energy, controlled by Aker ASA (AKER.OL), 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 a decision,” Lukoil said in a statement. “The company and its management are not subject to sanctions, so there are no obstacles to the joint development of the oilfield.”

Aker ASA Chief Executive Oeyvind Eriksen told a call with analysts on Wednesday that the partners would not submit a development plan to Ghanaian authorities “until the challenges have been resolved”. read more

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. read more

Reporting by Reuters; Editing by Jan Harvey and David Holmes

Share post:

Subscribe

Popular

More like this
Related

Stock market declines by 1.31%, sheds N721bn

February 29, 2024. Azonuchechi Chukwu. Trading of equities on the floor...

“In Awada Anambra State: School Security Chief Unveiled as Serial Killer”

February 29, 2024. Azonuchechi Chukwu. In a shocking turn of events,...

Tinubu insists on restructuring states based on their natural resources during Southwest tour.

President Bola Ahmed Tinubu has outlined his administration's approach...

Olam’s Shares Surge Amid Second-Half Turnaround

Olam Group Ltd.’s shares soared following a significant turnaround...
WP to LinkedIn Auto Publish Powered By : XYZScripts.com