[Ghana] Tweneboa, Enyenra, Ntomme (TEN) - FPSO Prof. John Evans Atta Mills

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escveritas
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[Ghana] Tweneboa, Enyenra, Ntomme (TEN) - FPSO Prof. John Evans Atta Mills

Unread post by escveritas »

First oil flowed from the Tweneboa, Enyenra, Ntomme (TEN) fields offshore Ghana, to the FPSO Prof. John Evans Atta Mills in August 2016.

This milestone was reached on time and on budget three years after the Plan of Development was approved by the Government of Ghana in May 2013.

Exploration success

In March 2009, the Eirik Raude rig successfully drilled the Tweneboa-1 wildcat well in the Deepwater Tano licence, around 20 km west of Tullow’s Jubilee field and some 45 km offshore from the Ghana mainland. This initial discovery was followed up by a series of further successful appraisal and exploration wells which resulted in the discovery of the Tweneboa-Enyenra-Ntomme (TEN) field.

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Developing the TEN fields

In May 2013, The Ghana Minister of Energy approved the Plan of Development for the field and Tullow commenced with its second major operated deep water development project in Ghana. Similar to Jubilee, the development includes the use of an FPSO which has a facility production capacity of 80,000 bopd which will be tied in to subsea infrastructure across the field. The vessel was converted in Singapore and in September 2015, the vessel was officially named ‘FPSO Prof. John Evans Atta Mills’, after the late Ghanaian president who oversaw First Oil from Ghana’s Jubilee Field in 2010. The FPSO sailed away from Singapore to Ghana on 23 January 2016.

The FPSO arrived in Ghana in early March 2016 where it was moored to the seabed before being connected to the risers and subsea infrastructure.

First oil was achieved on time and on budget in August 2016, three years after the Plan of Development was approved by the Government of Ghana.

2020 Production

Gross production from the TEN field is expected to average around 50,000 bopd (net: 23,000) bopd in 2020.

TEN development area equity
Tullow (operator) 47.18%
Kosmos 17.0%
Anadarko 17.0%
GNPC 15.0%
Petro SA 3.82%
escveritas
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Re: [Ghana] Tweneboa, Enyenra, Ntomme (TEN)

Unread post by escveritas »

Tullow Oil plc (Tullow) is pleased to announce that it has completed the pre-emption related to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos Energy

The cash consideration paid on completion was $118 million reflecting closing adjustments and was funded from cash on the balance sheet.

This transaction takes Tullow’s equity interests to 38.9% in the Jubilee field and to 54.8% in the TEN fields and adds c.5 kbopd of unhedged daily production. This equates to c.4 kbopd on an annualised basis and increases 2022 Group production guidance to 59-65 kbopd (30-32 kbopd at Jubilee, 13-14 kbopd at TEN and non-op portfolio unchanged at 16-19 kbopd). This additional equity increases Tullow’s 2022 Group capital expenditure forecast by $30 million to $380 million and is expected to generate c.$300 million incremental free cash flow at $75/bbl between 2022 and 2026.

As of 31 December 2021, the transaction increases Tullow’s net 2P reserves by c.21 mmboe (9%) and has an estimated post-tax NPV 10 valuation of $355 million at $75/bbl.

Rahul Dhir, CEO of Tullow Oil plc, commented today:

“I am delighted that this important transaction has completed and I am grateful for the continued support of the Government of Ghana and, in particular, the Honourable Minister of Energy whose leadership has been paramount in getting to completion. This transaction underscores our confidence in the assets and meets our objectives of value accretion and deleveraging.”
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Re: [Ghana] Tweneboa, Enyenra, Ntomme (TEN)

Unread post by escveritas »

Tullow Ghana Limited (Tullow), operator of the offshore Jubilee and TEN fields, has awarded a 5-year contract to Petrofac Ghana (Petrofac) to support Operations and Maintenance activities on the FPSO Kwame Nkrumah (KNK). Petrofac is the largest amongst a number of companies, all of which are either indigenous Ghanaian firms or local joint ventures, which will assume the Operations and Maintenance (O&M) of the KNK FPSO following the expiry of Tullow’s contract with MODEC Production Services Ghana JV Ltd (MODEC) which ended on 30 June 2022. Tullow as the field operator remains accountable for the safe and reliable operations in Jubilee including the KNK FPSO.

The transition of the management of the KNK, prompted by the expiry of the MODEC contract forms part of Tullow’s long-term vision to become a top quartile production company in terms of safe operations, emissions control, increased reliability, and cost efficiency. The transition is expected to deliver improved safety performance, reduced operating costs and sustained production efficiency.

Commenting on the new partnership with Petrofac, Tullow Chief Executive Officer, Rahul Dhir said: “this new partnership with Petrofac will leverage Petrofac’s years of experience in operating onshore and offshore facilities and will deliver improved operations on KNK. In particular, Petrofac’s experience in workforce training will be key in helping Tullow develop Ghanaian talent in leadership roles in the management of Ghana’s offshore facilities. As we embark on this change, I want to thank MODEC for the support they have provided us over the last 12 years."

Nick Shorten, Chief Operating Officer for Petrofac’s Asset Solutions business said: “I’m delighted that we are continuing to grow our presence in Africa with valued long-term partner Tullow Oil. We bring our considerable global FPSO experience to Ghana, also putting us in a good position to support other similar facilities in the region. Petrofac has been in North Africa for more than two decades and now we are building our presence across the continent, growing local jobs, developing local skills, and collaborating with local partners.”

Tullow and MODEC worked on a smooth transition of O&M services and achieved a seamless transition on 1 July 2022.
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