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09.03.2009 General News

GNPC announces more oil discovery

By myjoyonline
GNPC announces more oil discovery

The Ghana National Petroleum Corporation says it has discovered a significant quantity of oil and gas at the offshore Tano Basin.

The discovery was made during the drilling of the exploration well, Tweneboa One and officials say the rock formation in which the discovery was made is similar to the Jubilee Find.

They however cautioned that a lot more work needs to be done before the estimates of the size of the reserve can be made.

The geophysics manager of the GNPC, Mr. Theophilus Ahwiren told Joy Business the discovery is very good news.

He said there are a number of processes from discovery to production adding that those processes will be fast-tracked.

This latest discovery will certainly please managers of the economy as the prospects of generating the needed resources for developmental needs of the country look brighter now.

The country is expected to start raking in oil revenue somewhere 2010, having discovered significant quantities of the product already.

This is expected to ease the burden of having to borrow from the IMF with all the conditionalities which economists argue is detrimental to the development of developing countries.

Story by Mlik Abass Daabu