New Offshore Oil Discovery in Ghana
This story is about a week old, but it has important implications for Ghana's future and for its economic standing relative to that of other African nations. As reported on Schlumberger's Realtime News, the data at this point are from one exploration well called "Mahogany-1" drilled in in water depths of 1320m. At slightly over 3500 m, light hydrocarbons were recovered from deposits identified as a "turbidite" from the Santonian stage of the Cretaceous period. Turbidites are products of turbid flow across the floor of the ocean, often triggered by tectonic uplift that causes slumping of continental shelves.
Both the BBC and Schlumberger credit Tullow Oil of Great Britain with the discovery, while an article in the Oil and Gas Journal attributes the same Mahogany-1 well exploration to "Anadarko Petroleum Company and its partners." Kosmos Energy LLC has a detailed proposal on their webpage for exploration throughout West Africa, written back in April, which includes the Mahogany-1 well site. An article in Oil and Gas Online also credits Kosmos with the discovery.
In the BBC article, Ghana's President John Kufuor is quoted describing the discovery as a major boost to Ghana's economy.
"Oil is money, and we need money to do the schools, the roads, the hospitals. If you find oil, you manage it well, can you complain about that? Even without oil, we are doing so well, already. Now, with oil as a shot in the arm, we're going to fly," Kufuor said.