British oil exploration company Tullow Oil has revealed that they expect to start oil production at the Tweneboa Enyenra Ntomme (TEN field) project off the coast of Ghana, next month. In May 2013, the Government of Ghana approved the TEN Plan of Development, Tullow’s second major operated deepwater development project.
The company’s chief executive officer Aidan Heavy described the stage as ‘transformational’ for the Group explaining that this will ‘significantly increase our net production and begin the process of deleveraging our balance sheet’. Tullow expects production to peak at about 80,000 barrels of oil per day.
“This project has remained on schedule and on budget since the day the Plan of Development was signed and demonstrates our ability to deliver complex projects of this nature,” Heavy says in an official statement which also carried the firm’s half year results ending 30 June 2016.
The company said it was able to record a $30 million profit for the first half of 2016 amidst low global crude oil prices.