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Huge oilfield discovered in Ghana Huge oilfield discovered in Ghana
(10 minutes later)
UK firm Tullow Oil has announced the discovery of 600 million barrels of light oil offshore from Ghana.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.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.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.The firms share rights to the adjacent Tano basin, which could yield more oil.
With oil as a shot in the arm, we're going to fly John Kufuor, President of Ghana "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. With oil as a shot in the arm, we're going to fly John Kufuor, President of Ghana "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 chief executive Aidan Heavey.
He said it was one of the biggest oil discoveries in Africa in recent times, but warned it could be up to seven years before the oil started to flow.
'Boost to economy''Boost to economy'
Ghana's president, John Kufuor, told the BBC that the discovery would give a major boost to Ghana's economy. 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," he said. "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?
One oil analyst, who chose to remain anonymous, confirmed that the finding marks a significant discovery. "Even without oil, we are doing so well, already. Now, with oil as a shot in the arm, we're going to fly," he said.
Tullow Oil holds a 22.9% stake in the West Cape Three Points licence and just under 50% in the Deepwater Tano licence.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.The move comes as foreign firms are increasingly tapping into Africa for oil.
Tullow shares closed up more than 12% on the news in trading in London.Tullow shares closed up more than 12% on the news in trading in London.