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18.08.16 - GNPC signals flow of first oil

Ghana’s second largest commercial oil and gas project, the ‘TEN’ field, begins production today and GNPC (Ghana National Petroleum Corporation) is pleased to announce that His Excellency the President, John Dramani Mahama will turn on the valve on FPSO (Prof.) John Evans Atta Mills to signal the flow of first oil.

This milestone has been achieved in part, by the consistent efforts of GNPCin first acquiring and processing data on the offshore basin. The Corporation used the results of these efforts in a marketing drive to attract investors to Ghana.  GNPC also worked with our Partners from the exploration phase, through appraisal and development to bring us to TEN first oil. Consistent with our mandate and strategy to catalyze local content development,we worked with the operator and partners to ensure the project delivered improved local content opportunities and helped Ghanaians gain experience and develop relevant skills. This all combined to ensure a successful development of the project.

Alexander Mould, Chief Executive Officer for GNPC commented, “This is a momentous day for Ghana and, as the national oil company, GNPC is pleased to have played a significantpart in bringing our second oil production field to fruition.  This is the culmination of more than a decade of work, which began with GNPC producing credible data on our oil fields.This convinced international investors, who would eventually become the TEN partners, to invest in the project.” 

The TEN project is expected to produce over 300 million barrels of oil equivalent (mmboe) over the lifetime of the field, which is approximately 20 years.The fields contain 80% oil and 20% gas.  The field will produce about 80,000 barrels of oil per day at peak production.

Alexander Mould continues, “The successful start of the TEN fields today is significant not least because it supplements Jubilee production and increases revenue for the State at this moment of low oil price. It will also provide additional gas for electricity generation, to drive economic growth in Ghana. I want to appreciate the collaboration with our TEN partners, as well as the support and guidance of the Petroleum Commission, the Ministry of Petroleum as well as other State actors, for their significant contribution to delivering this project on time and on budget.”

 
 
 
 
 
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