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22.12.2007 Business & Finance

Ghana's president said: Oil Reserves at 3B Barrels


Ghana's president said Saturday that offshore oil reserves discovered in the West African country's waters total 3 billion barrels.

"Ghana has struck oil in commercial quantities," President John Kufuor said, speaking at a ruling party congress in the capital, Accra. "This is only the beginning. The future is very bright indeed."

British-based oil explorer Tullow Oil PLC announced over the summer that it had had success with a well off the coast of Ghana. It gave no details at the time, saying only that it had discovered "a significant light oil accumulation" and was appraising it.

Tullow operates the Deepwater Tano license that covers the new stake, holding a 50 percent stake. Its partners are Kosmos Energy and a subsidiary of Anadarko Petroleum Corp., Sabre Oil & Gas and the Ghana National Petroleum Corp. Tullow also holds a 23 percent stake in the West Cape Three Points license, off Ghana.

Kufuor gave no other details.

Energy Minister Kofi Adda also declined to comment on the announcement, but told The Associated Press the find was part of the ongoing explorations involving Tullow in western Ghana.

A service of the Associated Press(AP)