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550 million barrels of oil discovered off Ghana coast

AFP  |  Accra 

Norway's Aker on Thursday said it had discovered in commercial quantities off Ghana, which the government welcomed as a potential boost to the economy.

The and gas operator said exploratory drilling indicated an "estimated 450-550 million barrels of equivalent (mmboe)" in the Pecan field, 166 kilometres (100 miles) off Takaradi. Further exploration could increase total volumes to 600-1,000 mmboe, the company said in a statement.

said the announcement was "good news" that could bring "a new outlook to the economy" and alternative funding for social projects in the future.

Aker began operating the Pecan field last year. It holds a 50 percent stake. Others include Russian firm and the National Petroleum Corporation.

first discovered oil in 2007 and became a in 2010, helping to speed up the rate of economic growth. It is believed to have five to seven billion barrels in reserves.

The resolution of a long-standing maritime boundary dispute between and neighbouring sparked predictions the country would see an

said the favourable ruling opened up "possibilities of development, progress and prosperity", which would help boost funding for schools, hospitals and roads.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 20:00 IST