- An independent Ghanaian energy company, has made a discovery of more than 1.2 billion barrels of oil
- The discovery was made off the coast in the Western Region
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A Ghanaian company by name Springfield Exploration and Production Limited (SEP) has revealed it has discovered over 1.2 billion barrels of oil after deep water drilling.
The company which has no history of oil exploration is expected to announce details of its discoveries.
The 1.2 billion barrels of oil discovery will be bigger than what the Jubilee field (Ghana’s biggest) is producing currently.
The Jubilee field, operated by the UK’s Tullow Oil, is one of Africa’s largest recent finds and propelled Texas-based Kosmos Energy, which discovered it in 2007, to a New York and subsequent London listing.
Springfield’s Chief Executive Officer, Mr. Kevin Okyere said his company is the first African company to drill in deep water and to find oil.
Mr Okyere said President Nana Akufo-Addo would join a ceremony to announce the find.
Ghana’s government has an 18% stake in the block.
Springfield was awarded the block for free, but said it had invested well over $100m in exploration and drilling.
Meanwhile, Springfield said it is already in talks with potential partners, and will not rule out an initial public offering in either London or New York as a way of raising funds to develop the field.
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