Lukoil shows confidence in Ghana exploration

RUSSIAN GIANT LUKOIL said its offshore oil exploration project in Ghana will almost certainly lead to commercial exploitation, the vice president of the company's offshore subsidiary has said.

"We are almost certain that this will lead to commercial development," Dmitry Timoshenko said at a press conference in Moscow with Ghana's Energy Minister Joe Oteng-Adjei.

A joint venture between Lukoil, Vanco and Ghana's National Petroleum Corporation is in the process of drilling exploratory wells and analysing seismic data at the Cape Three Points Deep Water Block off the coast of the West African country.

"We will continue to look into practically any opportunity to participate in new projects in Ghana," Timoshenko added.

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