Ghana is entering a significant new phase in its petroleum industry in August 2016 as commercial oil production begins from the Tweneboa-Enyenra-Ntomme (TEN) offshore fields.
President John Dramani Mahama officially launches production from the fields on August 18, marking an important milestone for Ghana’s expanding oil sector. The project is operated by Tullow Oil in partnership with Kosmos Energy, Anadarko Petroleum Corporation, the Ghana National Petroleum Corporation and PetroSA.
The TEN development is expected to strengthen Ghana’s petroleum production and contribute to government revenues. The project comes at a time when Ghana is managing economic pressures and seeking additional sources of revenue.
However, international oil prices remain significantly lower than during the period when the project is developed, limiting the immediate financial benefit expected from increased production. Reuters reports that crude prices below $50 per barrel reduce the short-term revenue boost for Ghana despite the successful start of production.
The commencement of TEN production nevertheless establishes another major offshore petroleum asset for Ghana and keeps the country firmly on the international energy map.
