Vanco Energy Co., the closely held U.S.-based explorer, and OAO Lukoil restarted a drilling campaign in the Ghanaian section of offshore West Africa after changing rigs.

The partners terminated a contract with the Aban Abraham drillship and began exploring again for oil and gas on Oct. 19 with a SEDCO-702 semi-submersible dynamically-positioned rig, Vanco’s Vice President Jeffrey Mitchell said by telephone from Houston yesterday.

The venture, in which Russia’s largest non-state oil company owns 57 percent and Vanco 28 percent, suspended drilling at Dzata-1 in July almost immediately after starting because the Aban Abraham rig required maintenance, Mitchell said at the time.

Ghana is set to become one of Africa’s newest oil exporters in late 2010 when production begins at the Jubilee field, which was discovered in June 2007 and has potential resources of as many as 1.8 billion barrels, according to Tullow Oil Plc, its operator. Jubilee is located about 70 miles from Lukoil and Vanco’s prospect.

Closely held Kosmos Energy LLC said earlier this month it agreed to sell its stake in Ghana’s Jubilee oil field to Exxon Mobil Corp.

Lukoil plans to drill three exploration wells offshore Ghana and neighboring Cote d’Ivoire, Chief Executive Vagit Alekperov said in April.

Ghana National Petroleum Co. owns the remaining 15 percent of the venture.

Source: Bloomberg

Tags: business news, ghana news, gnpc, lukoil, oil, vanco