Explorer Tullow Oil said today Ghana had given the green light to a second major offshore oil development, paving the way for production to start on the $6 billion project in three years’ time.
Tullow said the new project, named TEN and located 37 miles from the company’s flagship Jubilee project, would pump its first oil in 2016 and should subsequently reach plateau production of 80,000 barrels of oil per day.
Tullow, which holds a stake of about 50% in TEN, has announced plans to reduce its holding in order to raise additional capital for development.
“This is an important project that will give Ghana its second major offshore development,” said chief executive Aidan Heavey.
Meanwhile, the company said today an exploration well offshore Ivory Coast had not found commercial quantities of gas or condensate.
The well is the second deepwater exploration well drilled in the CI-103 licence by Seadrill’s West Leo semi-submersible.
Angus McCoss, exploration director at Tullow, said: “While this is not the result we were aiming for, both the condensate and the reservoirs that we encountered have added substantially to our knowledge in this frontier area.”
Tullow operates the licence with a 30% stake, with partners Anadarko Petroleum 55% and Petroci 15%.