RUSSIAN GIANT LUKOIL said its offshore oil exploration project in Ghana will almost certainly lead to commercial exploitation, the vice president of the companys offshore subsidiary has said.p style="margin-bottom: 0cm;">RUSSIAN GIANT LUKOIL said its offshore oil exploration project in Ghana will almost certainly lead to commercial exploitation, the vice president of the companys offshore subsidiary has said.

TULLOW OIL, THE UK explorer that will produce its first oil in Ghana this year, plans to decide on the Jubilee field production expansion off the African country’s coast in next year and 2012.p style="margin-bottom: 0cm;">TULLOW OIL, THE UK explorer that will produce its first oil in Ghana this year, plans to decide on the Jubilee field production expansion off the African country’s coast in next year and 2012.

Gabon has postponed a 27 October oil block auction in part due to rising drilling costs and environmental concerns after BPs massive spill in the Gulf of Mexico, the central African countrys government said.

OIL-RICH GABON has decided to postpone indefinitely an auction of offshore drilling blocks planned for the end of October pending security and environmental guarantees, officials have said.