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Ghana: President suggests oil reserves could extend to 3 billion barrels

23 Dec 2007

Ghana's president said Saturday that offshore oil reserves discovered in the West African country's waters total 3 billion barrels. "Ghana has struck oil in commercial quantities," President John Kufuor said, speaking at a ruling party congress in the capital, Accra. "This is only the beginning. The future is very bright indeed." The British based oil explorer Tullow Oil Plc announced over the summer that it had had success with a well off the coast of Ghana. It gave no details at the time, saying only that it had discovered a significant light oil accumulation and was appraising it. Tullow operates the Deepwater Tano license that covers the new stake, holding a 50% with partners Kosmos Energy and a subsidiary of Anadarko Petroleum Corp. Sabre Oil & Gas and the Ghana National Petroleum Corp. Tullow also holds a 23% stake in the West Cape Three Points license, off Ghana. Source: Associated Press

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