The Chief Executive of the Ghana National Petroleum Authority (GNPC), Mr Alex Mould, has said the
"The TEN field will drive economic growth in the country through the marketing of our crude oil and boosting gas supply to generate power for industrial and domestic use," Mr Mould said on Thursday when President John Mahama turned the valves on the $1 billion Floating Production, Storage and Offloading vessel, the Prof John Evans Atta Mills.
He also hailed GNPC's role in ensuring that the TEN Oil fields came into fruition.
Mr Mould added that the oil discovery at Ghana’s second largest oil field was as a result of dedicated work and presentation of credible data.
“This is a momentous day for Ghana,” He said. “The national oil company, GNPC is pleased to have played it part in bringing our second oil production field to fruition. This is a combination of more than a decade of work which began with GNPC producing credible data on our fields which convinced international investors who would eventually become TEN partners to invest in the project.”
According to him, the TEN oil field is a demonstration of GNPC’s commitment to ensuring Ghana benefits from it natural resources.
The 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.
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.
The Tweneboa, Enyenra and Ntomme (TEN) project showcase is a joint-venture partnership between Tullow, Kosmos Energy, Anadarko Petroleum, Petro SA and the GNPC.
They are located in the Deepwater Tano licence which covers an area of more than 800 sq km, and lies around 20km west of Tullow’s Jubilee field.