New oil find off Ghana's coast

An oil company announced Thursday that it made a significant oil discovery in the deep waters off the coast of Ghana.

Tullow Oil announced it had discovered a net hydrocarbon play measuring about 240 feet thick off the coast of Ghana. The company drilled in water depths of about 2,850 feet off the coast of Ghana near the boundary of the Jubilee oil field.

Angus McCoss, the exploration director for Tullow, said the "significant potential of this discovery" will be assessed over the next year.

Tullow Oil and its partners in Ghana marked a milestone for the Jubilee oil field in December when commercial oil flowed from the area for the first time.

The field, Tullow, said in a statement, could produce up to 55,000 barrels of oil per day immediately. In as little as three months, the company said, that production could increase to 120,000 bpd.

Ghana is looking for experts to develop its offshore potential, as the newly elected government has little experience in managing oil reserves. The Jubilee field is one of the richest oil fields in Africa with potential reserves eclipsing 1.8 billion barrels.