TULLOW oil and its partners in the Tweneboa, Enyenra and Ntomme (TEN) project offshore Ghana have commenced production from the project in August. The field becomes Ghana’s second large-scale producing field after Jubilee field also operated by Tullow Oil. Production commenced on time and the partners are targeting ramping up output to the Floating Production Storage and Offloading (FPSO) capacity of 80,000b/d by the end of 2016.
The partners expect annualised production to average 23,000b/d. The commencement of production from the field is important for both Ghana and Tullow oil after over one month downtime recorded from the Jubilee field due to technical failure. Ghana’s production averaged 110,000b/d in 2015 and the production level is expected to be sustained in 2016 despite Jubilee’s downtime.
Production from TEN is expected to augment volume lost during Jubilee’s downtime. The project remains subjected to international border dispute between Cote d’Ivoire and Ghana with judgement from International Tribunal for the Law of the Sea (ITLOS) in The Hague expected in 2017. Additional revenue from TEN is likely to help enhance Tullow’s financial position after the company’s recorded losses in 2014 and 2015 due to decline in oil price and high impairment of assets and exploration cost.