Ghanaian company Springfield has made history by discovering oil in the deep waters off the Ghana coast.
They are the first independent African Company to discover oil in the deep waters.
The Springfield group has discovered 1.2 bn barrel of crude, which is far more significant than Jubilee Field.
Ghana will be producing 250,000 barrels of oil by the next year. As a result, making Ghana the fourth-largest oil producer in Sub-Saharan Africa.
The Springfield discovery will surely boost oil production in the West African Country. Kevin Okyere, Springfield’s Chief Executive stated
“Springfield is the first African company to drill in deep water and to find the biggest oil discoveries. Nigeria had oil for a long time, but unfortunately, no company was able to dig deep.”
The government is expected to make an official announcement about the excellent news that could bring a new outlook to the economy. This is huge as the Ghanaian government has an 18% stake in the block.