Business News Wed, 22 Aug 2007

Another "significant" oil find

... 800-million barrel oil field found
...'world class' oil field off the coast of Ghana
... to be developed as early as 2011

Tullow Oil has made another "significant" oil discovery in Ghana, in a block adjacent to one where it made a big discovery in June, supporting investor hopes that the country will become a major profit centre for the firm.

London-based Tullow said in a statement on Wednesday that the Hyedua-1 well discovered "a significant light oil accumulation", in the Deepwater Tano block, which Tullow operates and in which it has a 50 percent stake. U.S.-based Anadarko Petroleum Corp and private-equity backed Kosmos Energy own 18 percent each.

The oil field would transform Ghana’s $60 billion economy if successfully developed. Previous discoveries in the country have only held as much as 20 million barrels.

Ghana’s main money-earner is cocoa and it has been banking on a growth in tourism to drive GDP.

Aidan Heavey, Tullow’s chief executive, was due to meet the president Kufuor today.

Mr Hickey said the company plans to continue appraisal work on the field for the rest of the year “to increase our confidence in it.” He said it could be developed as early as 2011.

In June, the companies announced a significant discovery in the neighbouring West Cape Three Points block.

Source: Reuters/GHP
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