Huge Oilfield Discovered in 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.
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 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.
Source: BBC.
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