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.
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.