Commercial production of oil from the Tweneboa, Enyenre and Ntomme (TEN) oilfield begins today, Thursday 18th August 2016.
The TEN fields, on which the FPSO Atta Mills sits, is expected to yield between 20,000 and 23,000 barrels of oil per day.
Edward Bawa, a Consultant with the Energy Ministry says production is expected to increase to about 50,000 barrels of oil per day.
There are just 10 startup wells currently being drilled with the other wells yet to be drilled as a result of the ongoing border litigation with the Ivory Coast.
The new find will add to the approximately 80,000 barrels of oil per day being produced by the Jubilee fields.
However, residents in the Western region complain they do not benefit from the oil activities in the area and are not impressed by the improvement. They added that cost of living has rather increased.
Mr Bawa confirmed the concerns of the residents. He said, “sentiments of the residents are largely true because prices have gone up.”
He said there is the need for all the residents to manage their expectations adding that, it will take some time for the people to see the full benefits of the oil exploration.
However, the Multi-nationals in the Western Region are rejoicing over the second oil find. Representatives of the various multi-nationals are looking forward to exporting the barrels of oil to generate more revenue which will translate to more payment of taxes by these companies to the government.
According to JoyBusiness, the Ghana National Petroleum Corporation (GNPC) says it will channel its share of crude oil from the oilfields to the Tema Oil Refinery (TOR). GNPC says it was also ready to dialogue with its partners to sell either all or part of their share of crude oil from the TEN oilfields to TOR.
TOR was faced with numerous challenges resulting in the refinery not producing for a couple of years but it has surmounted its problems and currently refining crude products.
The TEN project has 80 per cent oil and 20 per cent gas reserves.