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Ghana's Budget Gov't being cautious on revenue projection from TEN - Terkper

The TEN Oil field will produce 23, 000 barrels of oil daily till the end of the year. However, Production will gradually increase as more wells are brought on board in the coming weeks to 80,000 barrels per day.

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Seth Terkper play

Seth Terkper

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.

The TEN Oil field will produce 23, 000 barrels of oil daily till the end of the year. However, Production will gradually increase as more wells are brought on board in the coming weeks to 80,000 barrels per day.

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 “We want to be conservative; we don’t want to be over excited about TEN field or Sankofa. We must learn lesson from our first experience with the Jubilee.”

“We estimated crude oil on Jubilee field to be 90,000 barrels a day and it didn’t happen on technical grounds.

“We want to be conservative and then as the fortunes become better we can revise the indicators. We want to manage government’s fiscal deficit,” he said.

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