The Minister of Finance, Seth Terker, has said the government has learnt lessons from the Jubilee Oil field with respect to projected revenues, saying government is being conservative in revenue projection from the TEN oil fields.
Ghana last Thursday began oil production from the Tweneboa-Enyenra-Ntomme (TEN) offshore oilfields.
In addition, the $4.8 billion project is expected to produce oil for at least 25 years, which will mean about 300 million barrels of oil is expected.
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However, addressing a news conference Monday, Mr Terkper said âWe want to be conservative; we donât want to be over excited about TEN field or Sankofa. We must learn lesson from our first experience with the Jubilee.â
âWe estimated crude oil on Jubilee field to be 90,000 barrels a day and it didnât happen on technical grounds.
âWe want to be conservative and then as the fortunes become better we can revise the indicators. We want to manage governmentâs fiscal deficit,â he said.