Oil will flow soon – Energy Minister

Energy Minister, Joseph Kofi Adda says government is confident Kosmos Energy will produce oil from the Cape Three Points oil field soon.

Kosmos Energy, an American oil company on Monday announced that it had found substantial quantities of oil in the Cape Three Points basin in the Western Region.

The company hopes to begin commercial drilling latest early next year.

Mr. Adda said it took Kosmos Energy 14 months from discovery to actual production of oil in Equatorial Guinea, a space he described as a rare record.

He told Joy News government and the consortium of companies which discovered the oil stand to gain financially should the find turn out a success.

Mr. Adda also explained that apart from government, the consortium is also excited about the find and has already started making contacts in getting the next rig to flow the oil.

“What I can say is that they are known to have set a record in the oil industry by using 14 months in Equatorial Guinea to go from the discovery level to the production level. His Excellency the President charged them to see if they could break the record again.”

Ada expressed the hope that the explorers would sustain the enthusiasm, knowing that they have committed substantial investments to the project and that they will work towards flowing the oil soon.

A member of the oil consortium drilling the Cape three points area Tullow Oil of Scotland claims the area can produce 600 million barrels of light crude, however Mr. Adda said he was unable to confirm the claims.