Hess finds more oil


US based oil giants, Hess Petroleum has announced further investments in its operations  after finding oil in commercial quantities located in the Deepwater Tano/Cape Three Points .

The oil found at Hess’s Pecan-1 well marks its fifth discovery in the block, the New York company said.

Hess Petroleum controls a 90% stake in that block while the Ghana National Petroleum Corporation (GNPC) holds the remaining 10%.

Hess is preparing to drill its next well in the block about 15 miles northeast of its latest find, and said more exploration activity and pre-development is planned in next year.

Shares of Hess climbed nearly 3 percent to $51.98 in morning New York Stock Exchange trading.

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