TEN & Sankofa fields to boost Ghana‘s reserves
Friday 4th April , 2014 7:58 am
Ghana’s foreign exchange reserves are expected to receive some significant boost in two years when the Tweneboa, Enyenra and Ntomme (TEN) and Sankofa-Gye Nyame projects come on stream.
The TEN project is expected to deliver its first oil in 2016, with a production rate of 80,000 barrels of oil per day.
While the Sankofa-Gye Nyame field has reserves of about 150 million barrels of crude oil.
The field is also expected to load its first cargo of crude oil by 2016 and export its first gas by 2017.
Foreign Exchange Reserves in Ghana decreased to 4699.48 USD Million in September last year from 5337.87 USD Million in August of the same year.
From 2002 until 2013, Foreign Exchange Reserves averaged 2502.0 USD Million reaching an all time high of 5438.7 USD Million in January of 2013 and a record low of 300.3 USD Million in May of 2002.
Finance minister Seth Tekper says the coming on stream of the two projects should boost the medium term prospects of increasing outputs and shoring up foreign exchange reserves.
By: Vivian Kai Mensah/citifmonline.com/Ghana