Ghana Expects Hess Offshore Oil Field to Join Project Lineup

Ghana Expects Hess Offshore Oil Field to Join Project Lineup

 

Aug. 20 (Bloomberg) — Ghana, the nation seeking to increase its oil output fivefold in the next decade, expects an offshore development by Hess Corp. to join the nation’s project pipeline, according to the Petroleum Commission.

Hess will drill a third appraisal well later this year on the Deepwater Tano/Cape Three Points block to establish commercial viability and reserves, Kwaku Boateng, director of special services at the commission, said in an interview. The results on the first two wells were “fantastic,” he said. Patrick Scanlan, a spokesman for Hess at Sard Verbinnen & Co. in New York, had no immediate comment when asked about the two wells yesterday.

Ghana is aiming to increase oil output to 500,000 barrels a day in the next 10 years as projects including Tullow Oil Plc’s TEN and Eni SpA’s Sankofa-Gye Nyame start production. Tullow operates the Jubilee field which will produce an average of about 100,000 barrels a day this year, according to a July 30 statement.

“We have to wait for the final report but from the numbers that we are seeing we are expecting that Ghana gets its fourth development from Hess,” Boateng said Aug. 18 in Accra.

The TEN, or Tweneboa-Enyenra-Ntomme, and Sankofa-Gye Nyame fields are expected to be developed within the next three years, with combined daily output of about 130,000 barrels, Boateng said. Both fields will also produce natural gas.

–With assistance from Jim Polson in New York.