New oil discovery announced off Ghana

February 10, 2011

, ACCRA, Feb 10, 2011 – Tullow Oil on Thursday announced a new discovery off Ghana, raising the possibility of further potential off the West African nation which only recently began large-scale production.

The Anglo-Irish firm said the "Teak-1 exploration well in the West Cape Three Points licence offshore Ghana has discovered approximately 73 metres of net hydrocarbons …"

US-based Anadarko Petroleum, which also owns an interest in the block, said the well found some 240 net feet of oil, condensate and natural gas pay.

Further evaluation would be carried out, the companies said.

Ghana\’s offshore Jubilee field was discovered in 2007 by US firm Kosmos and is estimated to contain more than a billion barrels, one of the largest finds in West Africa in recent years.

Production from the field began in December at about 55,000 barrels a day, though output was expected to eventually increase to 120,000 bpd.

The West Cape Three Points block involved in Thursday\’s announcement is operated by US-based Kosmos Energy. Other partners include the E.O. Group, Sabre Oil and Gas Holdings, and the Ghana National Petroleum Corporation.

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