Ghana oil reserves at 3 billion barrels

President John Kufuor said on Saturday, at the ruling New Patriotic Party (NPP) congress that offshore oil reserves discovered in the West African country's waters total 3 billion barrels.

This is a lot more than has been speculated by the explorer Tullow Oil, who initially indicated 800 million barrels

"Ghana has struck oil in commercial quantities," President John Kufuor said.

"This is only the beginning. The future is very bright indeed."

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

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.