23
topreventthedeteriorationofother sectorsofthenational
economy.
“Let us spread our economic growth from the oil sec-
tor to the non-oil sector because that is the area where
wewill be able to generatemore employment for the peo-
ple,” he observed
TEN project
Outside of the Jubilee oil field that drew investors’ atten-
tion to the new play within the West African Transform
Margin, the other huge development project comprises
the deepwater Tweneboa-Enyenra-Ntomme (TEN) fields,
which lie 20 km west of Jubilee. With estimated recov-
erable reserves of 245m b of oil and 365bn cu ft of gas,
development drilling started earlier this year with the
Nt-04 and En-01 water injection wells.
In2014,Tullowexpects to spend$500–600monTEN
developments. Discovered in 2009, TEN demonstrates
how quickly Ghana is monetizing its oil resources as an
initial 80,000 b/d is scheduled to begin in 2016 via 24
development wells connected to a Floating, Production,
Storage, and Offloading (FPSO) vessel moored in 1,500
metres of water.
Conversionof theCentennial Jewel trading tanker into
the FPSO isunderwayatthe JurongShipyard inSingapore.
Local content for TENwill be through expanding local
capability and participation in the supply chain, particu-
larly through the in-country fabrication requirement of the
TEN Project.
TEN represents significant future value for operator
TullowOil, explained Aidan Heavey, the company’s Chief
Executive Officer.
“There are 214m b of oil equivalent of net high value
reserves and resources booked. Upside potential still
remains.”
TEN sale
The TEN fields are within the Deepwater Tano licence,
which spans more than 800 sq km. The TEN consor-
tium comprises Tullow Oil, Kosmos Energy (17 per cent),
Anadarko Petroleum (17 per cent), Sabre Oil & Gas
HoldingsLtd,asubsidiaryofPetroSA(3.825percent),and
the Ghana National PetroleumCorporation (15 per cent).
This structure could change as Tullow is considering
bidsfromprospectivebuyersthatwish topurchasepartof
its47.15per cent stake in the$4.9bnproject. Companies
rumoured to be interested are Itochu Corporation and
Installation of the Kwame Nkrumah FPSO
on the Jubilee field in Ghana.
Tullow Oil plc
Mitsui & Company Ltd and the sale could deliver around
$600m, according to reports.
Any new entrant would be compelled to use local
businesses and contribute to social development. This
will requiredelivering skills training andapprenticeships,
but perhapsmost importantlyhelping local suppliers find
the financial resources to effectively compete, as well
as ensuring international suppliers utilize indigenous
businesses.
“What we lack is capital, technical skills and exper-
tise. We need to develop all three and education is key
to that,” said the Ghana National PetroleumCorporation.
Productive partnerships between the industry and
government are necessary to avoid that all-too-familiar
problem of natural resources no longer being a blessing,
but a curse.
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