The Ghana National Petroleum Corporation (GNPC) estimates that oil production from the Tweneboa, Enyenra and Ntomme (TEN) Oilfield could start in three years’ time.
Nana Boakye Asafu-Adjaye, Chief Executive Officer of GNPC, who was speaking at the ongoing 4th Ghana Summit on Oil & Gas Conference & Exhibition in Accra, said the development of the field will commence this year in anticipation of oil production come 2016.
He indicated that the development of the field would enable Ghana record improved production and earn higher income.
Appraisal reports from the group indicate that TEN, located in Ghana’s Deepwater Tano Block, contains over 200 million barrels of oil and could produce 76,000 barrels of oil per day at its peak performance.
Partners in the project include Tullow, Kosmos Energy, Anadarko Petroleum, Petro SA and GNPC.
The three-day conference and exhibition, reputed to be one of the most established and prestigious conference for networking and debate in the oil and gas sector, unites international and regional experts, key decision makers, contractors and service providers.
Tullow Oil, a partner in the project, recently indicated that it would offload 50 percent stake of its shares in TEN Oilfield, adding that income from the sale would go into funding some exploration projects on the continent and beyond.
Tullow Chief Executive, Aidan Heavey indicated that his outfit had already been approached by buyers for TEN even though he declined to name the potential buyers.
“We have a lot of interest, but we’re very well financed so we have no pressure and no target date.”
The current estimated cost for the base development plan of the TEN project, which includes around 23 injection and production wells, is estimated to be around US$4.5 billion.
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By Samuel Boadi