Total makes oil find offshore Ivory Coast

April 26, 2013 at 6:50 AM
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PARIS, April 26 (UPI) -- French supermajor Total announced it made a major discovery of oil in the deep waters off the western coast of Ivory Coast.

Total said it encountered about 91 feet of net oil pay while drilling in Block CI-100 in about 7,400 feet of water off Ivory Coast. The well was the first drilled in the block for Total.

The company said the well confirms an extension of reserves in the Tano basin, which hosts the giant Jubilee field in Ghana.

"The data acquired during drilling (are) being analyzed to develop an appraisal program for the reservoirs discovered and explore identified prospects further east in the block, near recent discoveries in Ghana," Total said in a statement.

The Jubilee field is one of the richest oil fields in Africa with potential reserves eclipsing 1.8 billion barrels. Tullow Oil, active in Ghana, encountered a bit more than 100 feet of net oil pay while drilling in similar concessions offshore Ivory Coast last year.

Total announced Friday its oil and natural gas output was down 2 percent for the first quarter of 2013 compared to last year. Its adjusted net profit declined 58 percent to about $1.9 billion, in large part because of lower crude oil prices.

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