Oil driller claims 2nd offshore oil find for Ghana, a West African nation hesitantly exploring

Oil driller claims 2nd offshore oil find for Ghana

LAGOS, Nigeria — An English oil exploration company says it has confirmed a second offshore oil field near the coastline of Ghana.

Tullow Oil PLC says the Owo oil field represents a “major new oil field” for the West African nation that is hesitantly exploring the possibility of being a major crude oil supplier. Estimates from Tullow put as much 550 million barrels of oil in the field, with 70 million barrels of oil confirmed in the field.

Ghana’s coast already is home to the Jubilee Field, which could hold an estimated 650 million barrels to 2 billion barrels of oil equivalent. However, commercial production of crude oil in Ghana has yet to begin, several years after its president announced the country had significant reserves.