The approval of the takeover of Aker Energy by the African Finance Corporation in Ghana has been described as one of the significant major acquisitions in the oil and gas sector during the first-half of 2023, the African Energy Chamber has disclosed.

According to the report, the transaction is pushing Ghana into an oil and gas investment hub among other oil exploration countries on the African continent.

The African Energy Chamber's ‘State of African Energy Q2 2023 Outlook’ report unveiled significant strides made in the Africa's Mergers and Acquisitions sector, with announced and completed transactions already surpassing the $1.85 billion mark in the first half of 2023.

These figures are indicative of a thriving economic landscape that defies conventional expectations.

Key contributors to these impressive transaction volumes are the announced sale of Angolan assets by Galp to Somoil in February 2023 and the takeover of Aker Energy in Ghana by the African Finance Corporation.

These transactions alone account for a substantial portion of the total transaction value, with individual figures of $655 million and $605 million, respectively.

Additionally, Malaysian NOC Petronas exited Chad, finalising the transfer of its stakes in  theoil fields and export pipelines.

The analysis of transactions reveals a shift in trends, with Angola, Ghana, Chad, and Morocco emerging as key transaction hubs in the sector.

Meanwhile, the Government of Ghana recently approved the Plan of Development for the Pecan field which originally belonged to Aker. This is expected to be a flagship project for the new owners in the country.