Tullow Oil discovers another oil field in Ghana

Monday July, 26, 2010

The quest of Ghana to become a reputable oil exporter was giving a boast as Tullow Oil, Europe's largest independent oil explorer by market value, announced the discovery of oil in its deepwater Tano licence off the coast of Ghana.

According to Tullow, the Owo-1 exploration well intersected a significant column of excellent quality light oil.

The Owo-1 was drilled in the same block as the Jubilee oil field that has helped to establish Ghana as a country with major oil reserves.

Pressure data indicates that the 53 metres of oil encountered in two zones of high quality reservoir sandstones are part of the same oil accumulation.

The well will now be sidetracked to the east to help establish the size of the reservoir, Tullow said.

"Accelerated appraisal drilling will now focus on maturing the resources in both Owo and the adjacent Tweneboa accumulation towards commercialisation," said Tullow's exploration director Angus McCoss.

Tullow owns a 49.95 percent stake in the Tano licence, alongside partners including privately held U.S. energy firm Kosmos Energy and U.S. oil producer Anadarko Petroleum.

The company was valued at 10.5 billion pounds as the company’s Shares closed at 1,179 pence on Friday.

The new find will further boast the West African country’s ranking as an emerging oil exporter in the world.