Aker Energy, GNPC will engage you at the appropriate time – Energy Ministry to Lukoil

• The Energy Ministry has responded to concerns raised by the Russian oil company

• The sector Minister said GNPC will relay information to the oil company at the right time

The Energy Ministry has responded to claims raised by Lukoil, one of the partners in the Deepwater Tano Cape Three Points (DWT/CTP) block, that they’ve been boycotted by the Ghana National Petroleum Corporation (GNPC) in their bid to acquire some stakes in Aker/AGM.

According to the Ministry, the transaction is still under negotiation, therefore, GNPC and Aker Energy will get in touch with them (Lukoil) in due course.

In a press statement sighted by GhanaWeb, the Energy Minister, Dr. Matthew Opoku Prempeh said, "As you may have gleaned from the publicly available information, the acquisition transaction is still at its early stages and is currently under negotiations. 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."

He pointed that GNPC will be a 40% shareholder in the business, if the deal is successful.

“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,” part of the release stated.

GNPC, through its GNPC Explorco, plans to purchase a 70 per cent stake in the South Deep Water Tano (SDWT) operated by AGM Petroleum Ghana Limited and a 37 per cent stake in the Deep Water Tano/Cape Three Points (DWT/CTP) operated by Aker Energy Ghana Limited and partners.

The company will form a joint operating company with the entities and acquire the said stakes at different agreed prices.

GNPC has already secured cabinet approval and is seeking a $1.65 billion loan.

Read the statement below