Benin said Thursday that it had discovered 87 million barrels of oil off its coast, a tiny amount compared to neighboring Nigeria's reserves, but which could boost the small country's economy.
"We have discovered oil in a significant commercial quantity with Sapetro company which works on Bloc 1 of the sedimentary basin off Seme Podji coast", energy ministers Barthelemy Kassa told AFP. He further said the discovery would help finance the country's development project. "It is a historic development for our country because this will enable us to finance our development projects", he further stated.
Sapetro is a Nigerian gas exploration and production company. Its chief executive, Daisy Danjuma, wife of a former Nigerian army chief Theophilus Danjuma, said that first commercial oil production will begin in late 2014.
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