Ghana is boosting its oil potential with the discovery of a well with 1.5 billion barrels of oil and 0.7 billion cubic meters of gas. The announcement came Wednesday from the Ghanaian group Springfield E & P, who said he made the discovery off the West African country.
Springfield E & P, a 100 percent Ghanaian company, said in a statement that the well’s potential is well over 1.5 billion barrels. It could reach 3 billion barrels of oil and gas.
« This is great news for Springfield, Ghana and Africa, » said general manager Kevin Okyere. « We are delighted with this discovery as it joins our vision of becoming a leading upstream African player with a global focus, » he added.
This is a huge jump for Ghana, which currently produces only 200,000 barrels of oil a day, about half of which comes from the Jubilee field of the British company Tullow. But the Ghanaian government is well aware that the challenges are not limited to the discovery of new wells.
Despite significant oil reserves that have been contentious with the Ivorian neighbor, Ghana is still struggling to attract investors. In fact, Accra is currently working on revising its legislation in order to stimulate investment in its petroleum sector.