British oil and gas company Tullow Oil has discovered 600 million barrels of oil off the Ghanaian coast, illustrating the growing importance of Africa in efforts to quench the world’s thirst for energy. Oil driller has earlier expected about 250 million barrels of oil from its Mahogany-1 well on the West Cape Three Points block offshore Ghana. With this oil discovery, Africa will increases its presence in the world growing demand of oil and will play a major role as demand for oil increases — Nigeria is already the world’s sixth-largest exporter of oil, accounting for 2.6 million barrels a day, and Africa’s biggest producer. Company asserted that it’s one of the biggest oil discoveries in Africa in recent times, but it could take up to seven years to flow in the market. Tullow said that the structure it had drilled to discover the oil straddled both the West Cape Three Points block and the adjacent Deepwater Tano block, of which Tullow is also a co-owner. It holds a 22.9 percent stake in West Cape Three Points, and a 49.95 percent stake in Deepwater Tano. As the news hit the market Tullow’s shares saw upswing as it rose to 465.25 pence on the London Stock Exchange, before settling at 460.25 pence — a record close — which represented a 12.5 percent increase from the previous closing. With the resent discovery, Ghana will get a major boost in their economy. Liquid currency will give extra option to government to explore different sector for the upliftment of the society. As Ghana’s President John Kufuor said, Oil is money, and we need money to do the schools, the roads, the hospitals, even without oil, we are doing so well, already. Now, with oil as a shot in the arm, we’re going to fly Image: as.wn Via: BBC