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Home Business

Ghana discovers another oil field

by GHNewsOnline
September 2, 2014
in Business, Featured
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Ghana discovers another oil field
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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, ghnewsonline.com has learnt.

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Ghnewsonline.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).

Tags: Ghana OilOAO Lukoil (LKOD)

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