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Hess finds more oil offshore Ghana

  |   March 1, 2013 at 6:03 AM
NEW YORK, March 1 (UPI) -- U.S. explorer Hess Corp. announced its drilling in the deep waters off Ghana uncovered more than 500 net feet of oil pay combined.

Hess said it completed a seventh well in the Deepwater Tano/Cape Three Points off the Ghanaian coast. The latest, North-1, encountered about 40 feet of net oil pay.

Ghana is emerging as a regional energy giant. British energy explorer Tullow Oil in December announced the start of production about 16,500 barrels of oil per day from Phase 1A of Ghana's offshore Jubilee field.

Five of the wells drilled by Hess, including North-1, encountered a total of 515 feet of net oil pay. Two wells encountered 513 feet of oil and oil and gas condensate.

"The company now plans to submit appraisal plans for the various discoveries to the Ghanaian government for approval on or before June 2, 2013," Hess said in a statement. "In parallel, Hess has begun pre-development studies on the block."

Ghana, through a European development fund, receives $588 million in financial support through 2013. The European Union has invested $582 million in energy programs in West Africa in the last five years.

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