In the video below, Motley Fool energy analysts Taylor Muckerman and Joel South discuss whether or not Ghana will be a hot spot for oil. Hess (NYSE:HES) has made another big oil find off of the country's coast at its Pecan-1 drilling site. It will be drilling at another nearby site in 2013.
This oil find could really be an opportunity for Ghana to come onto the international stage. The original find was in 2007, but the first commercial production started in December 2010. Right now the country is pumping about 86,000 barrels per day, which is short of the expected 120,000 barrels per day, from the Jubilee fields. However, this is still high for only the second year into production. The expectation is that the number could eventually rise to 500,000 barrels per day. Big names in oil are looking at the potential to explore Ghana's Atlantic coast outside of the Jubilee fields. Other areas of Western Africa have huge potential when it comes to oil as well.
Joel South owns shares of Halliburton Company. Taylor Muckerman has no positions in the stocks mentioned above. The Motley Fool owns shares of Halliburton Company. Motley Fool newsletter services recommend Halliburton Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.