TULLOW OIL has announced the discovery of a “major new oil field” off the coast of Ghana. The exploration firm yesterday said the Owo-1 exploration sidetrack in the Deepwater Tano licence in offshore Ghana “significantly” extended the column of high quality light oil discovered by the Owo-1 well.

“Results of drilling, wireline logs and samples of reservoir fluids confirm that Owo is a major new oil field,” it said in a statement.

Tullow’s exploration director Angus McCoss said the sidetrack had proved a “very substantial” 200m gross oil column in the heart of the Owo oil field and new condensate and gas accumulations below.

“Appraisal wells are currently being planned to extend the main Owo oil discovery up-dip and down-dip, to appraise the adjacent Tweneboa oil and gas condensate accumulation and, to refine further our estimates of recoverable resources of both fields,” he said.

Mr McCoss said the discovery of oil in Owo and the fact that the oil is concentrated in high quality channel sands “greatly enhances our outlook for the efficient future development of both the Owo and Tweneboa fields”.

Profits at Tullow Oil almost trebled in the first half of the year as oil and gas prices increased.

The company reported profits of $89 million, up from $31 million in the same period a year earlier, with sales up 11 per cent to $486 million.

Operating profit rose 35 per cent to $124 million.

Tullow has the majority stake in the Deepwater Tano licence.