Ghana discovers more oil off western coast

December 20, 2012

Africa, International

Ghana discovers more oil off western coast

Xinhua

ACCRA– The Ghana National Petroleum Corporation (GNPC) on Wednesday announced the discovery of more oil off the western shores of the country. The discovery, made at the Pecan-1 exploration well located in the Deepwater Tano/Cape Three Points block, is by far the fifth made in the block, following Almond, Beech, Hickory North and Paradise.

“The Pecan-1 oil discovery and the four other discoveries have significantly increased the hydrocarbon reserves of the block,” said Thomas Manu, director of operations at GNPC. GNPC also announced that another well drilled in the Deepwater Tano License off western Ghana had also encountered an oil bearing reservoir in its secondary objective.

“The small oil accumulation will be investigated further to establish its commercial value and potential increase in the hydrocarbon reserves of the block,” Manu said. GNPC has a 10-percent interest in the Deepwater Tano Block while Hess, a US-based explorer, has the remaining 90 percent.

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Pecan-1 is Hess’ fifth discovery on the block and follows the previously announced discoveries at Almond (53 net feet oil pay), Beech (146 net feet oil pay), Hickory North (98 net feet gas condensate pay) and Paradise (120 net feet oil pay and 295 net feet gas condensate pay).

Interest in the block
Hess  90%
Ghana National Petroleum Corporation (GNPC) 10%

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HESS

The Hess Corporation is based in New York City.

Leon Hess, age 19, forms Hess Incorporated; purchased a 1926 second-hand 615 gallon oil delivery truck and began residential delivery, seven days  week, near his home in Asbury Park, N.J.

In 1937 Hess would purchased 5 additional trucks and expanded his business to include post-refinery residual fuel oil. In 1938 the first oil terminal site was purchased in Perth Amboy, N.J. with facilities to unload barges. Facilities for unloading tankers added 3 years later. In 1948 Hess purchased its first ship, a 10,000 ton tanker.

In 1952 Hess purchased First Reserve terminal in Perth Amboy, N.J. the facility is now one of 21 terminals operated by Hess in the United States and St. Lucia. In 1960 the first HESS branded gas stationed opened in Oakhurst, N.J.

In 1969 Hess Oil and Chemical Company merged with Amerada Petroleum Corporation and became Amerada Hess.

In 1995 Leon Hess retired after 6 decades of leadership. John B. Hess was named Chairman and Chief Executive Officer. In 2001 Amerada Hess purchased Triton Energy Limited, and with it a world class growth opportunity in Equatorial Guinea and a long term, long reserve-to-production life asset in Malaysia/Thailand joint development area.

In 2006 the company changed its name from Amerada Hess Corporation to Hess Corporation.
Hess Ghana

HESS
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Video: Exclusive Ghana looking to benefit from oil production CCTV News

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