Tullow has announced its 340-metre long production vessel will set sail this weekend to Ghana to pump crude oil for the next 20 years
The floating deep-water oil production platforms will steadily increase production from the TEN deepwater oilfield between July and August this year, the firm’s chief operating office Paul McDade stated.
"We are very much on schedule for a July/August gradual start of production. The aim is to hit peak production in early 2017,” McDade told Reuters in Singapore.
The ten oilfield off the coast of Ghana measures a water depth of 1,000-2,000 metres and has the ability to produce 80,000 barrels per day (bpd) and Tullow plans to operate at full production.
"Ideally, you’d want to invest in the current environment as services are cheap and likely to become cheaper still. In the last 8-10 years we may not have seen a better time to invest than now," McDade said, but added that this would depend on Tullow’s financial and equity position.