06 May 2016, Accra — Tullow Oil says its TEN field project is now over 90 percent complete and that, its first oil remains on target for July and August this year.
FPSO Professor John Atta Mills sailed from Singapore on January 23, 2016, and docked in the Ghanaian waters on March 2, 2016, and confirming its readiness to drill its first oil, Mr. Charles Darku, Managing Director (MD), Tullow Ghana Limited explained that mooring operations were complete and the vessel was being connected to the subsea infrastructure, via risers and umbilical.
Adding that commissioning of the systems was underway, Mr.Darku told a section of the press after the Group’s fifth annual investor forum in Accra that Tullow estimates that TEN average annualized productions in 2016 would be around 23,000 barrels daily (b/d) as previously guided. “This is as a result of the mid-year start-up in the second half.”
The TEN project drives increased in local content and according to Mr. Darku, the Company’s first capital injection for contracts to provide specialised services such as fabrication and construction, marine operations and logistics, civil engineering and construction, increased from 123.6 million dollars in 2014 to 226 million in 2015.
Tullow Ghana’s MD held that regardless of external circumstances, the oil company was strongly positioned to balance its accounts and operate TEN as schedule. Tullow Oil PLC’s fifth annual investor forum was to present to the company’s shareholders in Ghana, its performance of the past year and outlook for the year ahead, and touching on the Jubilee Field where FPSO Kwame Nkrumah, Ghana’s first FPSO, is undergoing some repairs and maintenance works.
Mr. Darku highlighted on how strong the Field performed in 2015 with an average gross production of 103,000 b/d. Production for the first quarter of 2016 was below expectation, and that, it was linked to increased downtime following a problem identified with the FPSO turret bearing. The turret bearing issue is currently being investigated and solutions engineered by an experienced project team, Mr. Darku noted.
Tullow Oil PLC is a leading independent oil and gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges. The Group has interests in over 130 exploration and production licences across 22 countries which are managed as three regional business units, which are West and North Africa, South and East Africa as well as Europe, South America and Asia.
*Inusa Musah-The Chronicle