Huge oilfield discovered in Ghana
Foreign firms are increasingly looking to Africa for oil
UK firm Tullow Oil has announced the discovery of 600 million barrels of light
oil offshore from Ghana.
Reserves in the Mahogany exploration well were far greater than the 250 million
barrels than the firm had earlier forecast, it said.
Tullow - which saw its shares rise 10% on the news - jointly owns the West Cape
block where the drilling took place with Anadarko Petroleum.
The firms share rights to the adjacent Tano basin, which could yield more oil.
"Based on evidence to date, ultimate reserves are likely to be materially in
excess of previous estimates, with some high potential zones still to be
drilled," said Tullow's chief executive Aidan Heavey.
Ghana's president, John Kufuor, told the BBC that the discovery would give a
major boost to Ghana's economy.
"Oil is money, and we need money to do the schools, the roads, the hospitals.
If you find oil, you manage it well, can you complain about that? Even without
oil, we are doing so well, already. Now, with oil as a shot in the arm, we're
going to fly."
One oil analyst, who chose to remain anonymous, confirmed that the finding
marks a significant discovery.
Tullow Oil holds a 22.9% stake in the West Cape Three Points licence and just
under 50% in the Deepwater Tano licence.
The move comes as foreign firms are increasingly tapping into Africa for oil.
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