Tullow: Ghana TEN Project 65% Complete, On-Track for First Oil Mid-2016
Tullow Oil announced Wednesday in its 2015 half year results that the TEN project in Ghana is approximately 65 percent complete and confirmed that the field remains on schedule, and on budget, for first oil in mid-2016.
A number of “important milestones” were achieved at the Tweneboa-Enyenra-Ntomme field in 2015, according to a Tullow press release. These milestones included running two well completions, and commencing a third, as well as installing four subsea christmas trees, which are used to monitor and control the production of a subsea well.
Aidan Heavey, Tullow chief executive, commented in a company statement:
"With the TEN project on schedule and on budget for first oil in mid-2016, our West Africa oil production is set to grow to around 100,000 barrels of oil per day net to Tullow in 2017. We also continue to build an inventory of exploration prospects to provide options for growth in the future."
In the company’s 1H 2015 results, Heavey also stated that the underlying cash generation of Tullow "remains solid" and claimed that Tullow’s restructuring program, which has seen a significant workforce reduction, will deliver cost savings of "$500 million over the next three years".
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