Tullow announces Ivory Coast offshore oil find

[June 07, 2012]  ABIDJAN, Ivory Coast (AP) -- British-based explorer Tullow Oil PLC says it's discovered oil off the shore of Ivory Coast.

The announcement Thursday comes a year and a half after the company began pumping crude from an offshore field in neighboring Ghana worth billions of dollars.

Exploration Director Angus McCoss called the finding encouraging and said the company looks forward to future drilling.

Ivory Coast is already the world's largest cocoa producer and its commercial capital had long been the economic heart of the region until it was destabilized by a series of political crises.

Most recently the country was thrown into turmoil after its ex-president refused to concede defeat after losing a November 2010 election.

[Associated Press]

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