The second floating production, storage and offloading vessel (FPSO), the FPSO Professor John Evans Atta-Mills which has been under construction in Singapore since 2013, has set sail for Ghanaian shores.
Its departure is considered a milestone for the Tweneboa-Enyenra-Ntomme (TEN) project, which is over 80% complete and on schedule to start producing oil either in July or August of this year.
Barring any unforeseen circumstances, the FPSO Atta Mills is expected to arrive in Ghanaian waters in March, when it will be stationed around the fields of TEN off the country’s western coast.
The vessel, which is named in memory of the late Professor John Atta Mills, has a nominal production capacity of 80,000 barrels of oil per day and a storage capacity of 1.7 million barrels. Tullow’s (Ghana) Managing Director Charles Darku has expressed delight that the TEN FPSO has departed on schedule, which keeps on track Tullow’s first oil target for July-August.
Development of the TEN Project is being led by Tullow Oil with its partners Ghana National Petroleum Corporation, Kosmos Energy LLC, Anadarko Petroleum Corporation and PetroSA.
The TEN fields (Tweneboa, Enyenra and Ntomme) lie in the deep-water of Tano block, around sixty kilometres offshore Ghana. The reservoirs are spread over 800 square kilometres and lie in water depths of between 1,000 and 1,800 metres.
The TEN Development Plan was approved by the government of Ghana in May 2013 and requires the drilling and completion of up to 24 development wells. These will be connected through subsea infrastructure to a Floating, Production, Storage and Offloading (FPSO) vessel.
Even though the price of crude oil on the world market has slumped to all-time lows, the coming of the FPSO Atta Mills brings hope that Ghana is going to produce more oil from its fields; and it brings more diversified income streams into the economy, which is gradually inching toward being a middle-income one.
This week, the price of crude on the world market has begun to rise — and it is hoped that by the time the TEN fields begin producing optimally the price of crude hover around US$100 a barrel, which could see good revenue for the state. Ghana envisions a situation where it will be self-reliant in oil products and the large importation of crude to power the nation will be confined to history.
After experiencing some bad spells with energy in our country which have seen manufacturing and businesses collapse, the future is looking bright.