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GNPC confirms 10% initial interest in newly found oil in Ghana

  • SOURCE: | qwesa2big
  • The Ghana National Petroleum Corporation (GNPC) has confirmed to that it has an initial 10% interest in a new oil discovery at the Paradise prospect offshore Ghana.

    The discovery was announced Wednesday April 28, 2011 by New York based oil company Hess Corporation.

    The company said it has found hydrocarbons at a deep-water field off the coast of Ghana. The results are preliminary, as the well is not finished yet, the company said.

    In a telephone interview, Mr. Thomas Manu, Director, Operations at the GNPC told that the GNPC can have additional interest if oil is found in commercial quantities at the prospect. He also added that GNPC did not make any contribution to the exploration and development costs. “GNPC will only pay development costs if it wants to increase its interest when oil is found in commercial quantities,” he said.

    According to the CEO of Hess Corporation, John Hess, the company found 370 feet of hydrocarbons in two separate intervals at the Paradise prospect offshore Ghana. He also indicated that the drilling of the well won’t conclude for two weeks, and it’s too early to speculate how big the find is.

    Hess holds 90% stake in the prospect.

    Ghana became an oil producing country when commercial production of oil began in the country on December 15, 2010. The country’s Jubilee oil field is the largest oil field to be discovered in West Africa in recent times.

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