The TEN Project is a joint venture led by Tullow Oil with a stake of 47.185 per cent.
A statement from the Ministry of Petroleum said President Mahama would be accompanied by the Minister for Petroleum, Mr Emmanuel Armah-Kofi Buah to perform the task.
The ceremony which will be held offshore on the FPSO will have the President also opening a Subsea Well Choke, unveiling a plaque to commemorate the ceremonial event and will be followed by a grand durbar of chiefs and people of the Western Region with government officials and other dignitaries at Takoradi.
Read more: Tullow expedites gas production from TEN
The vessel has an oil storage capacity of 1.7 million barrels and a gas capacity and water injection capacity of 170million standard cubic feet daily and 120,000 barrels water daily respectively. The new floating vessel, will be for the Tweneboa-Enyenra-Ntomme (TEN) project.
The other partners Kosmos Energy holds 17 per cent share, Anadarko Petroleum Corporation 17 per cent, Ghana National Petroleum Corporation 15 per cent and PetroSA also with a stake of 3.815 per cent.
The project derives its name from the three fields, Tweneboa, Enyenra and Ntomme (TEN), which lie around 60 kilometres off the coast of the Western Region, Ghana.
The full field development will consist of 24 wells in total – a mixture of water injection, gas injection and production wells.
At start-up, 10 wells will be required and these have already been drilled.
TEN is expected to produce about 300 million barrels of oil equivalent (mmboe) over a 20 year period, 80 per cent of which is oil and 20 per cent gas. The field will produce 80,000 barrels of oil and 180mm scf of gas per day when it reaches full production.