Known as the TEN oil fields, the offshore fields of Tweneboa, Enyenra, and Ntomme in Ghana will be sending hundreds of thousands of barrels of oil out of the country through Shell. Royal Dutch Shell will be the first business to purchase the oil produced in the TEN fields, a project that has cost approximately $5 billion. When the project is entirely completed, it’s expected to produce 80,000 barrels of oil a day.
A Group Effort in Ghana
The Ghana oil fields have been developed with approval by the Government of Ghana over the course of just a few years. The project involved a partnership between the Ghana National Petroleum Corporation, Tullow, Anadarko, Kosmos, and PetroSA. The initial discovery of the TEN oil fields occurred in 2009. It’s believed that this oil production will be substantially beneficial to Ghana, as it allows them to not only fulfill their own energy needs but also export oil for profit.
The New Ghana Oil Fields
Ghana is a country that is relatively new to oil production. In fact, it only began producing commercial oil in December 2010, when the first oil was produced through the Jubilee field. Since then, the country has been taking action to explore its potential oil wealth. The country has spent a considerable amount of time investigating is potential oil resources and creating developments that will be able to produce oil in the most efficient way possible. The TEN oil fields will make up the second oil development in Ghana, making it an important experiment. Not only is the country optimistic about the development’s success, but the project has come in both on budget and on time so far.
Ghana’s Crude Oil Consumption
The development of the TEN fields is especially important because Ghana’s crude oil consumption and natural gas consumption have both been growing steadily. Since from 2008 to 2012, oil usage increased from under 48,000 barrels per day to well over 70,000 barrels per day. This has created a significant need for a resource that the country has historically been reliant upon others to procure. By producing over 80,000 barrels per day, the TEN fields are able to produce enough oil for the country itself and for exporting.
In total, it’s believed that the TEN fields will be able to produce over 300 million barrels of fossil fuel, and that the process should take approximately 20 years. Both natural gas and oil will be produced, at approximately 80% oil and 20% gas. For Ghana, this oil will be able to drive its economic growth and potentially increase the region’s stability. Oil and natural gas are being used throughout the globe in order to improve economic stability and secure a better energy future. Tiger General, LLC has prided itself on supporting local businesses and its community since 1925. Contact Tiger General, LLC today to learn more about their affordable oil field equipment and rock solid support.