Raymond James: Offshore Ghana estimates on the rise

Oil and gas resource estimates for Tullow Oil’s acreage offshore Ghana are moving up, according to Raymond James & Associates.

Offshore staff

LONDON – Oil and gas resource estimates for Tullow Oil’s acreage offshore Ghana are moving up, according to Raymond James & Associates.

At Tullow Oil’s Ghana analyst day, the company estimated Jubilee resource potential at 1.5 BBoe and forecasts Tweneboa resource potential at 1.4 BBoe, which could be as much as 70% oil.

The research firm contrasted these figures with Anadarko Petroleum Corp’s 0.6-1.6 BBoe estimate for Jubilee and 0.3 (plus) BBoe estimate for Tweneboa, respectively. Anadarko is an operating partner with Tullow Oil offshore Ghana.

In the Deepwater Tano block, Tullow disclosed that the Owo-1 well is currently drilling, which will be followed by the Onyina-1 prospect, Tweneboa 3 & 4, and drill stem tests in fourth quarter 2010 or the first quarter 2011.

In the West Cape Three Points block, the Teak prospect will be drilled in the fourth quarter of this year followed by drilling Dahoma-Updip in the fourth quarter of 2010 or the first quarter 2011.

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