The Finance Minister, Seth Terkper says production of oil and gas from the Tweneboa, Enyenra and Ntomme (TEN) fields offshore Ghana which started today, is good news, as the availability of gas from the fields would help stabilize the current energy situation in Ghana.
Speaking to the BBC Focus on Africa show monitored in Accra Thursday August18, 2016, Mr. Terkper said at the beginning of oil production from the fields that the oil from TEN would enable Ghana to recover the losses from low oil prices.
Ghana has been going through an electricity crisis leading to power rationing, which has become known as DUMSOR. The energy sector is being weighed down by financial crisis, some energy analysts have pointed out.
Despite an installed capacity of 3800MW, and demand currently at 2100MW the country doesn’t appear anywhere out of the electricity crisis.
Tullow Oil, the lead partner says first oil was reached on time and on budget three years after the Ghana government gave approval for the development plan of the field.
The company expects production to ramp up gradually towards 80,000 barrels of oil per day through the four months of 2016. Tullow estimates that TEN average annualised production in 2016 will be about 23,000 barrels of oil per day.
Tullow holds a 47.175 per cent stake in TEN. Anadarko Petroleum Corporation holds 17 per cent, Kosmos Energy, has 17 per cent, the Ghana National Petroleum Corporation holds 15 per cent and PetroSA has 3.875 per cent stake.