Ghana on Tuesday received more good news on oil discovery with the UK-based oil explorer Tullow Oil saying its well offshore in the West African country had hit another significant column of light oil.
It said this meant its “Jubilee Field”, where an oil strike was announced last year, was larger than earlier thought.
“The confirmation that Mahogany-2 is in communication with both Mahogany-1 and Hyedua-1, reinforces our interpretation that Jubilee is a major discovery and is likely to lead to a material upgrade of current resource estimates,” Aidan Heavey, Chief Executive of Tullow, was quoted by the local media in Accra as saying.
U.S. explorer Anadarko Petroleum is a shareholder in the “Jubilee Field”.
This “reinforces our interpretation that Jubilee is a major discovery and is likely to lead to a material upgrade of current resource estimates,” Heavey said. There was no detail.
Officials of the state-owned Ghana National Petroleum Corporation, which coordinates oil exploration activities, said an appraisal was being carried out to arrive at the quantity of oil in the area, the third announcement of significant oil find offshore western Ghana since late last year.
Ghana is expected to begin producing oil from the new fields late 2009 or early 2010.