On 18 August, Tullow announced the start of oil production from the TEN project in deepwater Ghana. The US$5.4 billion development consists of three fields – Tweneboa, Enyenra and Ntomme – tied back to the Prof. John Evans Atta Mills FPSO. We model peak production in 2020 of 90 kboe/d from the 300 mmboe project. Ghana's second deepwater development is material for the country's energy mix and partners Tullow and Kosmos. Reduced development spending and increasing cash flow will enable Tullow focus on deleveraging, whilst Kosmos can progress its deepwater efforts in Mauritania and Senegal.
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Deepwater development comes onstream on time and within budget, delivering much needed cash flow.