Billionaire Kjell Inge Rokkes Aker ASA dropped the most in 2 1/2 months after saying its oil venture in Ghana is facing more delays due to regulatory challenges.

(Bloomberg) — Billionaire Kjell Inge Rokkes Aker ASA dropped the most in 2 1/2 months after saying its oil venture in Ghana is facing more delays due to regulatory challenges.

Aker Energy AS has underestimated the complexity of a joint development of all resources in its DWT/CTP block offshore Ghana and will now change tack to focus on the main Pecan reservoir rather than taking a holistic approach, said Aker, Rokkes industrial holding company, which owns 49% of Aker Energy.

The change in strategy is likely to trigger delays, Aker Chief Executive Officer Oyvind Eriksen said in the companys third-quarter report on Friday. But I am confident that it will de-risk the project and, hence, protect significant values in Ghana.

Aker fell as much as 6.2%, the most since Aug. 14, and was down 5% as of 9:19 a.m in Oslo.

The setback in Ghana follows other delays. Aker earlier this year pushed back the possible startup date for production to 2022 compared to as early as 2020 before. It had also said it was realistic to expect the development plan for the block to be approved in the third quarter this year.

Aker Energy had proposed changes to Ghanas regulatory framework in the plan for development for the field, but authorities arent likely to take enough steps, Aker said on Friday.

Aker didnt provide a new timeline for the project and said Aker Energy would explore M&A opportunities to grow and diversify its portfolio, without providing further details.

Aker Energy has discovered as much as 550 million barrels of oil at Pecan and sees potentially as much as 1 billion barrels in the area. Rokke is a direct owner in Aker Energy through his personal investment company TRG AS and has an indirect stake through his 67% ownership in Aker.

Aker Energy is the operator of the DWT/CTP block with 50% ownership. Partners include Lukoil PJSC with 38%.

To contact the editors responsible for this story:

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Years of Offshore Investments Could be Valueless

Pipelines, LNG Imports Needed to Offset Groningen Gas Declines

Fmr Exxon CEO: Climate Change With Us Forever More

McDermott to Conduct Study for $850MM Refinery

Frackers Scrap Idled Equipment Amid Shale Drilling Downturn

Equinor Awards DNV Contract for Offshore Canada Field

Years of Offshore Investments Could be Valueless

Sasols $13B US Mistake Costs Co-CEOs Their Jobs

Permian Pipeline Launches Another Open Season

Schlumberger Rips Off Band-Aid With $12.7B Writedown

Oilfield Tanker Company Closes Business in Texas

Schlumberger Reassessing North America Land Strategy

McDermott to Conduct Study for $850MM Refinery

NNPC Will Partner with Aramco to Revamp Refineries

Eni to Become Nigerias Top Power Producer

Africas Biggest Oil Producer Aims to Stop Imported Fuel Reliance

Nigeria in Talks with Oil Majors to End $62B Dispute