Tullow Oil Reports New Large Oil Field Off Ghana, Africa Coastline

Oil off Ghana Coast

Oil off Ghana Coast

Tullow Oil Plc, the UK oil exploration company with the most licenses in Africa, has discovered a “major new oil field” off the coast of Ghana in western Africa.

According to a recent statement from Tullow Oil, the Owo-1 exploration oil well “encountered a gross vertical reservoir interval of 154 meters (505 feet)” within the Deepwater Tano license. Oil samples rate the oil in the reservoir as a light oil of 33 degrees to 36 degrees gravity on the American Petroleum Institute scale.

“This is a big well and a big result for Tullow. We have a very substantial light oil discovery,” Tullow Exploration Director Angus McCoss recently stated.

Tullow had been targeting a projected 1.4 billion barrel finding of oil in the Owo-Tweneboa-Ntomme area off Ghana.
Although Tullow Oil is the operator of Deepwater Tano, its partners include Anadarko Petroleum Corporation, Kosmos Energy LLC, and Ghana National Petroleum Corporation.

Tullow has found several oil fields off the coast of Ghana, including the Tweneboa and Jubilee fields. Tullow plans to start oil production from the Jubilee field this year.

Following the Deepwater Tano announcement, Tullow Oil and Anadarko Petroleum Corporation both posted gains in stock value. In the London Stock Exchange, Tullow Oil rose as much as 5.9% to 1,249 pence, its largest intra-day gain since July 2nd. Anadarko Petroleum Corporation gained $1.76, or 3.6%, to $50.53 in New York Stock Exchange composite trading.

Tullow Oil and Anadarko Petroleum Corporation, which is based near Houston, Texas, are collectively exploring African oil fields offshore of Ghana, the Ivory Coast, Liberia and Sierra Leone.

“We expect to resume the westward expansion of our exploration activity in the Cretaceous Fan play, where we’ve identified more than 30 prospects and leads with size and geologic characteristics similar to the Jubilee field,” announced Bob Daniels, Anadarko’s Senior Vice president for Worldwide Exploration.