Five-hundred fifty million barrels of oil discovered off Ghana coast
Five-hundred fifty million barrels of oil discovered off Ghana coast

Government of Ghana and its partners in the Cape Three Points (CTP) oil fields announced a new discovery here on Thursday.

The discovery which is a gas and condensate in CTP-Block 4, offshore Ghana was through a well, drilled on the Akoma exploration prospect.

According to the operator, ENI the well proved an estimated volume between 550 billion cubic feet (bcf) and 650 bcf of gas.

It also proved between 18 million barrels (mmbbl) and 20 mmbbl of condensate, according to the operator.

“The discovery has further additional upside for gas and oil that will require further drilling to be confirmed,” the partners stated.

The exploration, well Akoma-1X is located approximately 50 kilometers off the coast and about 12 km north-west from Sankofa hub where ENI started gas production in the middle of 2017.

Ghana became a commercial oil producer in 2011, but there have been agitations in recent times about how much the country gains from oil agreements entered into with International Oil Companies (IOCs) producing in the country.

Gas production has however become valuable to the West African country as it uses natural gas to power its thermal plants for the generation of electricity.

The CTP-Block 4 partnership is formed by Eni Ghana (operator, 42.469 percent); Vitol Upstream Tano (33.975 percent); GNPC (10 percent); Woodfields Upstream (9,556 percent); and Explorco (4,00 percent). Enditem

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