Ghana discovers another oil field

 

General News of Tuesday, 2 September 2014

Ghana has made another oil discovery at the Cape Three Point in the Western Region.

Russia’s second-largest oil producer, OAO Lukoil (LKOD), made the findings which could be Ghana’s fifth offshore field, StarrFMonline.com has learnt.

StarrFMOnline.com’s sources at the Cape Three Point indicate that it will take about three months (90 days) to evaluate the find before a final decision could be made.

Meanwhile, the spokesperson of the Russian company Vitaly Matushkin has refused to give any official pronouncement on the development.

The young oil-producing country and West Africa’s second-largest economy produces about 100,000 barrels of oil daily. The former British Colony is hoping to increase production to about 500, 000 barrels a day in the next decade in partnership with Tullow Oil Plc and Anadarko Petroleum Corporation.

Ghana has earned about $1.8 billion from its oil revenue since 2011, according to the Africa Center for Energy Policy (ACEP).