• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Energy Ministry responds to LUKOIL’s claim of not being engaged by Aker in sale of oil blocks

4 years ago
in Energy, highlights, Home, home-news, latest News
2 min read
0 0
0
55
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Energy Ministry responds to LUKOIL’s claim of not being engaged by Aker in sale of oil blocks

The Ministry for Energy has responded to the LUKOIL’s claims of not being engaged in plans by oil major, Aker Energy, to sell 37 percent stake in the DWT/CTP oil blocks.

The response by the Ministry follows a letter addressed to the Presidency and copied the Ministry of Energy, Finance Ministry, Aker Energy and the GNPC on the planned acquisition of the oil blocks by the GNPC.

In the letter, LUKOIL asserts that it has not been aware of and engaged in discussions of its partners to sell the stake and change the operatorship, despite it being one of the main partners in the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana, with a 38 percent Licence Interest and a 42.22 percent Participating Interest.

The Russian oil firm, in the letter further asserts that the planned acquisition of the oil blocks poses significant risks to the project execution of the oil blocks adding that to avoid any negative consequences for the DWT/CTP project, LUKOIL going forward should be involved in the following;

(i) the sale/acquisition of Aker Energy’s share

(ii) the resignation of the Operator of the DWT/CTP project and an appointment of a successor

RelatedPosts

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

(iii) further project financing plans so as to ensure further sustainable development of the project in the interest of all stakeholders

Reacting to the statements made by LUKOIL in the letter, the Ministry stated that, “We wish to formally acknowledge your comments regarding the proposed transaction between Aker Energy/AGM and GNPC and to reiterate our appreciation of the long-standing relationship with Lukoil.”

Read This: Debt and extractives nexus: the need to strengthening coordination between and among different actors

“We can confirm that GNPC has the necessary financial backing and technical competence to acquire the stakes under discussion and to participate in the operator company, which will remain unchanged.”

The Ministry further allayed the oil company’s fears that the project execution and schedule will be put at significant risk by the proposed transaction.

“On the contrary, at the successful completion of the transaction, GNPC Explorco will become a 40% shareholder in the operator Joint Venture Company. As such, there will be no resignation or change of operator.”

The Energy Ministry further indicated that the acquisition transaction is still at its early stages and currently under negotiations, adding that Lukoil and Fueltrade will be engaged at the appropriate time.

“It is expected that at the appropriate time, Aker Energy Ghana Limited and GNPC will engage with Lukoil and Fueltrade in accordance with the JOA,” noted the Ministry.

Tags: Aker EnergyDeepwater Tano Cape Three Points (DWT/CTP)Energy Ministry responds to LUKOIL's claim of not being engaged by Aker in sale of oil blocksGNPC
No Result
View All Result

Highlights

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

Banking Industry: Non-Performing Loans Edge Higher to GHS 20.7bn

‘The Gulf of Guinea is our Wall Street, IMF, and World Bank Combined’, Says Air Vice Marshal Hanson 

GJA President Underscores Vital Role of Journalists in Safeguarding Ghana’s Maritime Domain

Barrick Exits Ivory Coast With $305 Million Tongon Mine Sale

Trending

Banking & Finance

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

October 7, 2025

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor Governor of the Bank of...

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

October 7, 2025

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

October 7, 2025

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

October 7, 2025

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

October 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.