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In June, Dallas-based independent Kosmos Energy announced the Mahogany oil discovery offshore Ghana, in 1,320-m water depth. The discovery has the potential to not only transform the Ghanaian oil and gas industry, but also make an impact in the wider West African region. Reserves are estimated at 500 million bbl, valuing the discovery at $2.7 billion, and ranking it number 11 in future sub-Saharan deepwater projects.
Seismic studies indicate that the Mahogany structure extends westwards into the adjoining Deepwater Tano block, operated by Tullow Oil. The results of the appraisal program over the next six months will be monitored closely. If proved, the scale of the development-with Capex estimated at $6 billion-will be a challenge for the smaller partners, Kosmos, Sabre Oil & Gas and E. O. Group. Deepwater projects of this size in sub-Saharan Africa have been the domain of the super-majors to date.
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