Russian oil giant strikes oil at Cape Three Points

Lukoil, Russia’s second-largest oil producer, has made a discovery at Ghana’s offshore Cape Three points project, according to a person with direct knowledge of the development.

The company has 90 days to evaluate the find and decide what the next step is, said the person, who asked not to be identified because the information isn’t public yet.

Lukoil spokesman Vitaly Matushkin declined to comment when reached by phone.

Government and its partners, including Tullow Oil Plc and Anadarko Petroleum Corp., plan to spend $20 billion in the next decade to boost oil production to 500,000 barrels a day.

Ghana produces about 100,000 barrels a day now.

If commercially viable, the Lukoil find would be Ghana’s fifth planned offshore field.