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Offshore Waters Hold 3 Billion Barrels Of Oil, Ghana's President Says

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By FRANCIS KOKUTSE, The Associated Press

Published: December 23, 2007

ACCRA, Ghana - 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 during the summer that it 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 declined to comment on the announcement except to tell The Associated Press that the find was part of the ongoing explorations involving Tullow in western Ghana.

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