Italian oil giant Eni SpA has confirmed a discovery of around 450m barrels at its Sankofa East field 50km off the coast of Ghana, boosting the west African nation’s overall oil reserves.
About 150m barrels of Eni’s find will be immediately recoverable, according to the company, which says the result “confirms the commercial standing” of its Ghanaian prospects. Plans for exploitation of the reserves are now underway. It’s small beans (relatively) for a company of Eni’s size, but big news for the budding Ghanaian oil industry. Read more
When it comes to oil and gas exploration, you win some and you lose some. All the more so when you’re blazing a trail in under-explored destinations like Uganda, Kenya and Ghana.
Shares for the oil explorer Tullow dropped sharply by over 5 per cent per cent as of 1pm in London on Friday to reach 1,159p, as the company released a statement containing details of nearly $300m of expected writedowns from explorations in Guyana, Ghana and Suriname – more than double its $120m of writedowns for 2011. Read more
Tullow Oil, the London-listed oil exploration company, has made another Kenyan discovery to go with the finds in the country earlier in 2012 – but investors were hardly impressed, sending the shares down nearly 2 per cent, mainly on the depth of the oil.
The company announced on Monday that it had found oil at the Twiga South-1 well, which it owns 50-50 with Africa Oil. But it encountered only 30m of net pay (the thickness of the oil reservoir), a far cry from the earlier Kenyan find of 100m. Read more
Independent and small-scale oil companies like to be quick on their feet, beating the energy giants time and again in the exploration race. But in some of Africa’s more promising energy areas, regulatory hurdles and resource nationalism are starting to hold things up. Read more