Tullow Oil on schedule with Tweneboa Enyenra Ntomme project in Africa

Tullow Oil has stated that its much-anticipated $5bn flagship Tweneboa Enyenra Ntomme (TEN) project, off the coast of Ghana, is now 75% complete and remains on schedule and on budget to deliver first oil by the middle of next year.

The Irish-founded exploration firm’s chief executive, Aidan Heavey yesterday said the delivery of the project remains one of Tullow’s key short-term priorities, adding that it will boost production from Tullow’s west African assets to a net 100,000 barrels of oil per day (bopd).

Tullow owns a controlling 47.5% stake in TEN, which could produce around 80,000 barrels per day, and is not expected to seek a farm-out deal on that shareholding, despite previously considering one and currently being on a programme to deliver $500m (€466m) in cost savings over the next two years as it re-shapes its business to fit the current oil price environment.