Ghana Eyes Buying Sanctions-Hit Lukoil’s Stake in Oil Block

Ghana is taking steps to buy Lukoil PJSC’s stake in an offshore oil block to gain greater control over future output in the country, according to people familiar with the matter.

The West African nation is considering using its pre-emptive rights to acquire the sanctions-hit Russian company’s 38% stake in the Deepwater Tano Cape Three Points block, the people said asking not to be identified because the matter is not public. Ghana claims it has the first right to the stake, after private equity firm Carlyle Group agreed in January to buy most of Lukoil’s international portfolio, which likely includes the Ghanaian block, the people said.