Oil prices increase as African exporters benefit, while importers face rising costs during global market changes.
Ghana has recorded its first hydrocarbon discovery in a carbonate reservoir, opening a new frontier for the country’s oil and gas exploration industry. President John Dramani Mahama the country’s first successful test of a Cenomanian-Turonian carbonate play, a departure from the sandstone formations behind Ghana’s existing commercial finds. The find was made at an exploration well in the Deepwater Cape Three Points block. Planet One Oil & Gas operates the block alongside GOIL Upstream and the Ghana National Petroleum Corporation. The company has yet to establish whether the discovery contains oil or gas, and estimates of its commercial potential remain unavailable. It is carrying out further assessments to determine the scale of the discovery, as well as the right approach to develop it.