Ghana’s President John Mahama is expected to turn the valves of the FPSO John Evans Atta Mills to mark commercial production of oil from the Tweneboa, Enyenre and Ntomme (TEN) oilfield.
Tullow Ghana, a subsidiary of Tullow Plc which is the lead operator of the TEN Project expects production to ramp up gradually towards 80,000 barrels of oil a day through the remainder of 2016, and estimates that TEN average annualised productions in 2016 will be about 23,000 barrels of oil a day.
“This is an important moment for Tullow as production begins from our second operated development in Ghana,” Tullow Oil chief executive Aidan Heavey told Irish Times.
Davy Stockbrokers said the first oil de-risks the development project and means the peak of the project’s capital-intensive phase is behind Tullow with cash generation around the corner, according to the newspaper.
According to a Consultant at the Ministry of Petroleum, Edward Bawa, production is expected to increase to about 50,000 barrels of oil per day.
There are just 10 startup wells currently being drilled with the other wells yet to be drilled as a result of the ongoing border litigation with the Ivory Coast.
The new find will add to the approximately 80,000 barrels of oil per day being produced by the Jubilee fields.
Tullow holds a 47.175 per cent stake. Its joint venture partners are Anadarko Petroleum Corporation (17 per cent), Kosmos Energy (17 per cent), Ghana National Petroleum Corporation (15 per cent) and PetroSA (3.875 per cent).
African Eye Report
