Lukoil said its project in Ghana will almost certainly turn commercial. Dmitry Timoshenko, VP of Lukoil Overseas said, "We are almost certain that we will have commercial development," at a press conference in Moscow with Ghana's Energy Minister Joe Oteng-Adjei.
The company is partnered with US independent Vanco and Ghana’s GNPC on the Cape Three Points Deepwater. The partners have drilled one well so far on the license and are expected to complete the analyzing of seismic and drill one more well over 2011-2012.
Reserves at the field have not yet been determined, but Timoshenko said that for the operation to be profitable it would need between 150 and 250 million barrels of oil.
"Around 150-250 million barrels is a good number to begin development," he said, adding that Lukoil Overseas, has a 56.6% share in the license.
The company is interested in participating in other projects in Ghana as well. "We will continue to look into practically any opportunity to participate in new projects in Ghana," Timoshenko said.