Business News of Thu, 18 Aug 20163

TEN oil production starts today

President John Mahama will Thursday turn the valves of the FPSO John Evans Atta Mills to mark commercial production of oil from the Tweneboa, Enyere and Ntomme (TEN) oilfield.

The TEN fields, which is in Ghana's second oil reserve, on which the FPSO Atta Mills sits, is expected to produce between 20,000-23,000 barrels of oil per day.

A Consultant with the Energy Ministry, Edward Bawa, production is expected to increase to about 50,000 barrels of oil per day.

There are just 10 start up 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.

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Despite the oil find in commercial quantities, residents in the Western Region say they are not amused.

Some of them told Joy Business' George Wiafe they are yet to benefit from the commercial production of oil in the area. If anything, the cost of living has rather become unbearable.

The residents said they cannot make ends meet as a result of the high cost of living imposed by the oil find.

Edward Bawa agreed with the concerns of the residents. He told Joy News the "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, the oil find will not change the lives of the people over night.

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Bawa added it will take some time for the people to see the full benefits of the oil exploration.

Whilst the residents are grieving, 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 make more money.

These companies are expected to pay more taxes to the government of Ghana, Wiafe indicated.

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