(EnergyAsia, August 23 2013, Friday) — Ghana will have a second major oil-producing area comprising the three offshore fields of Tweneboa, Enyenra and Ntomme (TEN) in 2016, said operator Tullow of the UK, which helped launch the first at Jubilee in 2010.
Located in the Deepwater Tano contract area 60 km off the coast of Ghana and 30 km west of the Jubilee field, the TEN project is capable of producing as much as 80,000 b/d of light crude oil, said Tullow Ghana Limited which owns a 47.15% stake. Its partners include Kosmos Energy (17%), Anadarko Petroleum (17%), Sabre Oil & Gas Holdings Ltd, a wholly owned subsidiary of Petro SA (3.825%), and the Ghana National Petroleum Corporation (15%).
The consortium is expected to invest a total of US$4.5 billion to tap the fields’ combined estimated reserves of one billion barrels. It will drill and complete up to 24 development wells and connect them through subsea infrastructure to a floating, production, storage and offloading (FPSO) vessel moored in 1,500-metre deep water.
Tullow, which is active in Uganda, Kenya and other African countries, is also leading a consortium comprising Anardarko, Kosmos Energy and PetroSA to operate the Jubilee field in the Atlantic Ocean. Jubilee, discovered in 2007 by Tullow 60km offshore between the Deepwater Tano and West Cape Three Points blocks, is expected to produce 120,000 b/d this quarter.
The addition of TEN to Jubilee’s production will further enhance Ghana’s economic prospects, which was recently upgraded by both the International Monetary Fund (IMF) and World Bank.
In a special report in June, the World Bank raised Ghana’s status to a “lower middle-income” country following the strong performances of the country’s gold, cocoa and oil sectors over the past decade, resulting in its per capita income nearly quadrupling from US$1,006 to US$3,975.
The IMF said Ghana must undertake reforms to secure its economic gains due to its heavy dependence on commodity exports and rising income inequality which has left a quarter of the 25-million population still living below poverty.
The IMF has advised the Ghanaian government to increase investment in infrastructure, health care and education as well as improve business transparency, access to credit for businesses and promote inclusive growth.
The World Bank said Ghana must improve its electricity and water supply systems as both are vital to the continuing development of the economy and health of the people. Like many developing countries, the West African country suffers from rolling blackouts and unreliable power supply.
A report issued by World Bank team which recently visited the West African country criticised the government for not expanding and upgrading the national power infrastructure.
“While the blackouts are partly due to the unexpected interruption of imported gas supplies, a deeper look reveals a broader problem of a power sector without a cushion to absorb external shocks. Avoidable delays in the production of Jubilee gas have left Ghana’s gas-based power plants needlessly idle or burning very expensive oil. The three-year delay in commercialising Jubilee gas has cost Ghana US$1 billion in extra crude oil used for power generation,” said the bank.