The commissioning of the TEN fields, which is the nation’s second oil field after the Jubilee fields comes at a time when the worldwide oil market is facing some setbacks.
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Speaking at a ceremony to officially commence commercial production on the FPSO JEA Mills, President Mahama was hopeful Ghana would sign more and better contracts and strengthen the country’s oil sector.
TOR was faced with numerous challenges resulting in the refinery not producing for a couple of years but it has surmounted its problems and now refining crude products.
The ceremony was held offshore on the FPSO as the President also opened a Subsea Well Choke, unveiling a plaque to commemorate the ceremonial event. Tullow’s joint venture partners are Anadarko Petroleum (17%), Kosmos Energy (17%), Ghana National Petroleum Corporation (15%) and PetroSA (3.875%).
Shares in Tullow Oil (LON:TLW) have jumped about two percent in London this morning, outperforming the broader market, as the Africa-focused explorer announced that its flagship TEN project had delivered its first oil.
A statement issued by the Ghana National Petroleum Corporation (GNPC) and copied the Ghana News Agency in Accra said: “The milestone has been achieved in part, by the consistent efforts of GNPC over the decades, in first acquiring and processing data on the offshore basin”.
At start-up, 10 wells will be required and these have already been drilled.
The Tweneboa-Enyenra-Ntomme is expected to produce between 20,000-23,000 barrels of oil per day.
The new find will add to the approximately 80,000 barrels of oil per day being produced by the Jubilee fields.
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