Business News of Thu, 21 Jan 2010151

Another Major Discovery In Ghana

...Tweneboa Field Is Major Oil, Condensate Discovery
Tullow Oil PLC said Thursday that an appraisal well drilled on the Tweneboa field offshore Ghana has shown it to be a major oil and gas-condensate field.
This success adds to the commercial potential of a new oil region off the coast of West Africa, where Tullow and partners Anadarko Petroleum Corp. (APC) and Kosmos Energy have made some major new discoveries.
"Tweneboa-2...has successfully proven the significant extent of a major new oil and gas-condensate field offshore Ghana. Such an achievement provides a very good start to our exciting 2010 Equatorial Atlantic [drilling] campaign," said Tullow's Exploration Director Angus McCoss.
The Tweneboa-2 well was drilled in the Deepwater Tano offshore block around 6 kilometers southeast of the original Tweneboa-1 discovery well. It intersected a combined hydrocarbon column of at least 350 meters, the company said in a statement.
Tullow's Jubilee field, which could contain up to 1.8 billion barrels equivalent of oil and gas, straddles Deepwater Tano and the neighboring West Cape Three Points block.
This latest success may have some bearing on ExxonMobil Corp.'s (XOM) desire to enter Ghana's oil sector. Kosmos agreed last year to sell ExxonMobil its 30.9% of the West Cape Three Points block and 18% of the Deepwater Tano block for around $4 billion.
However, the Ghanaian government is unhappy with that deal and has been looking for other companies to buy the Kosmos stake in a joint venture with the Ghana National Petroleum Company.
The Tweneboa-2 well was drilled in the Deepwater Tano offshore block around 6 kilometers southeast of the original Tweneboa-1 discovery well. It intersected a combined hydrocarbon column of at least 350 meters, the company said in a statement.

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Source: Dow Jones

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