Aker Energy's postpones Ghana oilfield plan amid Lukoil's involvement

Model of natural gas pipeline and Lukoil logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration

OSLO, Aug 17 (Reuters) - Norway's Aker Energy said on Wednesday it would postpone submission of a development plan for its Pecan oilfield off Ghana amid concern the project could face sanctions over the war in Ukraine due to the involvement of Russian oil firm Lukoil (LKOH.MM).

Aker Energy, controlled by Aker ASA (AKER.OL), owns 50% in the deepwater block off Ghana where the Pecan field is located, while Lukoil holds 38%, Ghana National Petroleum Corporation has 10% and Fueltrade 2%.

The partners will not submit a development plan to Ghanaian authorities "until the challenges have been resolved," Aker ASA Chief Executive Oeyvind Eriksen told a call with analysts.

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Russia invaded Ukraine in February in what it calls "a special military operation", prompting unprecedented Western sanctions on Moscow and a breakup of economic relations.

"We are continuing a dialogue with Lukoil and Ghanaian authorities about possible solutions," Eriksen told Reuters, adding that one option was for Lukoil to divest from the project.

Aker said Ghanaian authorities have extended a deadline to submit the plan until Sept. 30.

(This story corrects headline and the first paragraph to show that Aker Energy postpones submission of development plan, not puts project on hold)

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Reporting by Nerijus Adomaitis, editing by Terje Solsvik

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