Business News of Thursday, 6 November 2014
Source: Graphic Online
The Vice President in charge of Africa Business at Tullow Oil plc, Mr Tim O’Hanlon, has stated that the Tweneboa, Enyenra and Ntomme (TEN) Project in Ghana and the Jubilee Partners will have the capacity to produce 200,000 barrels more oil a day by 2016.
Describing Ghana as one of Tullow’s success stories in Africa which saw the company investing in more oil discoveries, Mr O’Hanlon stressed that the jubilee field had the potential resources of producing a billion barrels of oil given the country’s energy potential.
Addressing delegates at the opening of the 21st Africa Upstream conference in Cape Town last Tuesday, the Tullow vice president said the greatest achievement of the company was its ability to invest $100 billion in Africa with interest in West and East Africa where its operations were concentrated.
He spoke on the topic, “Tullow Portfolio and Growth in Africa”.
The four-day conference, which assembled captains of industry from the upstream sector across the world, had more than 1,500 delegates together with 160 exhibitors attending.
Mr O’Hanlon explained that currently, Tullow operated in seven countries with 31 licences but expressed concern about the fact that the unreliable flow of gas into the country was holding back production.
The TEN fields are located in the Deepwater Tano licence which cover an area of more than 800 square km, and lie around 20km west of Tullow’s Jubilee field.
The TEN project is expected to deliver first oil in 2016, with a plateau production rate of 80,000 barrels of oil per day. Future development of gas resources at TEN is anticipated, following the commencement of oil start-up.
Mr O’Hanlon also noted that 300 reserves were being developed, of which 23 were well advanced.
By the middle of 2016, he said there would be 10 wells on stream and that seven of the wells had already been drilled, estimating $4 billion to be spent by the first oil in that same year.
He expressed deep concern about the significant drop of Africa oil export to the United States of America which he intimated had dropped from $56 billion to $15 billion within a space of five years.
Earlier, the Chairman of the Board of Global Pacific & Partners, organisers of the conference, Dr Duncan Clark, said Africa’s interest was to the wider world and thus his outfit was reshaping its portfolio with focus on Africa.