ACCRA, Sept 3 (Reuters) – Lukoil-Overseas said it found oil and gas at its Cape Three Points Deep Water block off the coast of Ghana, and according to the energy minister, it now has a 90-day test period to determine whether the find is commercially viable.
The company started drilling in May and found several layers with what it described as “high showings” of hydrocarbons.
It will disclose results once tests are complete, said a spokesperson for Lukoil-Overseas, the foreign unit of Russia’s second-largest oil producer by output, on Wednesday.
“Lukoil has come to report a discovery, and under the petroleum agreement they have 90 days to do an appraisal to determine whether it is commercial,” Energy Minister Emmanuel Armah-Kofi Buah said.
The block is located 50 to 100 km offshore in the Gulf of Guinea and its nearest port is Takoradi, according to the company’s website.
Ghana discovered oil at the Jubilee field in 2007 and began producing in 2010. Oil has since become a leading source of government revenue in a fast-growing economy, which also produces gold and cocoa.
British company Tullow Oil, which holds a 35.5 percent stake in Jubilee, has said it hopes to achieve a gross production target of 100,000 barrels per day.