LONDON, June 8 (UPI) -- British explorer Tullow Oil announced it made a discovery of light oil in deep water off the western shores of Ivory Coast.
Tullow said it encountered just more than 100 feet of net oil pay in its CI-103 license area offshore Ivory Coast. The data indicate the column contains good quality light oil.
"The discovery of light oil in our first well in CI-103 extends the proven play for oil westwards from our successes in Ghana and is encouraging for our future exploration efforts elsewhere in this license," Tullow Exploration Director Angus McCoss said in a statement. "We look forward to further drilling in CI-103 during 2013."
Tullow Oil and its partners in Ghana marked a milestone for the Jubilee oil field in 2010 when commercial oil flowed from the area for the first time. The company said production there could increase to 120,000 bpd.
The Jubilee field is one of the richest oil fields in Africa with potential reserves eclipsing 1.8 billion barrels.
|Additional Energy Resources Stories|
BRUSSELS, May 22 (UPI) --The European Union will carefully weigh the risks of shale gas development this year but also needs to stem high energy prices, the EU's energy chief says.
SANTIAGO, Chile, May 21 (UPI) --More than $4 billion of cash reserved for Chilean military procurement remains unspent because of mysterious workings of funding arrangements.