Tweneboa-Enyenra-Ntomme (TEN) oil field will begin full production of 80 million standard cubic feet of gas per day, by the first quarter of next year, the Minister of Petroleum, Emmanuel Kofi Armah Buah, has said.
Addressing the media at a meet-the-press series jointly organised by the Ministries of Finance and Petroleum, Mr. Buah said the TEN Field, in addition to the Jubilee Field, would ensure continuity in gas production for industries.
He noted that the country’s petroleum industry had a bright future despite the downturn in the industry globally, saying “The US$4 billion investment in the TEN Field despite the clear downturn in the global oil industry indicates that the country had become the investment destination in the sub-region”.
The minister said the investors’ confidence in the petroleum sector was as a result of the structures put in place to ensure transparency and the legislations to regulate the sector.
He noted that laws such as the Petroleum Revenue Management Act (PRMA) and the Petroleum Production and Exploration Act had ensured transparency and accountability in the activities in the sector.
That aside, the minister said, a Legislative Instrument (LI) had been passed to ensure that Ghanaians were in the forefront in the industry.
He said contracts on the TEN project had been given to Ghanaian businesses, and added that from January to June this year, Ghanaian businesses had realised more than US$200 million from the project.
Ghanaians, he said, constituted about 45 per cent of total number of employees at the FPSO J.E.A Mills, and described the development as a giant step in the right direction.
The Minister of Finance, Seth Terkper, said the coming on board of the TEN and Sankofa fields would not mean that the government would be complacent.
He said the government would use conservative methods to run the economy and would not set expectations too high.
Mr. Terkper was therefore confident that investments in the energy sector would end the power crises in the medium to long term and announced that the third FPSO, which was under construction to boost oil production, would be completed soon.
By Yaw Kyei