Business in Ghana

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Lukoil Said to Discover Oil in Ghana’s Cape Three Points Block

Posted by Business in Ghana on September 3, 2014

OAO Lukoil (LKOD)Russia’s second-largest oil producer, has made a discovery at Ghana’s offshore Cape Three points project, according to a person with direct knowledge of the development.

The company has 90 days to evaluate the find and decide what the next step is, said the person, who asked not to be identified because the information isn’t public yet. Lukoil spokesman Vitaly Matushkin declined to comment when reached by phone.

Ghana and its partners, including Tullow Oil Plc and Anadarko Petroleum Corp., plan to spend $20 billion in the next decade to boost oil production to 500,000 barrels a day. West Africa’s second-largest economy produces about 100,000 barrels a day now. If commercially viable, the Lukoil find would be Ghana’s fifth planned offshore field.

To contact the reporter on this story: Ekow Dontoh in Accra at edontoh@bloomberg.net

To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net Andres R. Martinez, Stephen Foxwell

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