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Business News of Saturday, 27 February 2010

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Yet Another ‘Significant’ Oil, Gas Discovery

Lukoil, Vanco Make ‘Significant’ Oil, Gas Discovery in Ghana
AO Lukoil , Russia’s second-biggest oil producer, and closely held Vanco Energy Co. made “a significant” oil and gas discovery off Ghana.

The partners together with Ghana National Petroleum Corp. drilled a well at the Dzata field of the Cape Three Points deep- water block in the Gulf of Guinea, Moscow-based Lukoil said today in a statement. The Dzata-1 well, drilled to a depth of about 4,500 meters (14,500 feet) tapped a 94-meter-thick hydrocarbon column.

“The primary reservoir sandstone contains gas and light oil,” Lukoil said. “The newly discovered hydrocarbon reserves are assumed to be quite significant.” Ghana is set to become one of Africa’s newest oil exporters in late 2010 when production begins at the Jubilee field, which has potential resources of as many as 1.8 billion barrels, according to Tullow Oil Plc, its operator. Jubilee is located about 70 miles from Lukoil and Vanco’s prospect.

Lukoil plans to drill three exploration wells offshore Ghana and neighboring Ivory Coast, Chief Executive Officer Vagit Alekperov said in April.