In light with the commencement of oil production at Ghana’s offshore Tweneboa-Enyenra-Ntomme (TEN) field – that was initially discovered in March 2009 – The Ghana National Petroleum Corporation (GNPC) has been having disputed claims regarding whether or not the financial agreement, that the project is bound to operate under, is a fraud, reported Ghana Web.
Located in the Gulf of Guinea, the TEN oil field is operated under a project agreement that grants Kosmos Energy a 10% interest rate, while PetroSA and Anadarko have 3.8% and 17% interest rates respectively. The government of Ghana commands a 15% interest rate, as Tullow Oil Ghana Limited, the field’s lead operator, has the highest interest rate of 47.1%.
The source cited that the GNPC CEO, Alex Mould, afirmed the Ghanaian government has been allocated a fair interest rate since the calculation in merely based on economics.
Citi Fm Online wrote that Mould had pointed out that there has been an improvement in the primary interest, which prevents Ghana from acquiring any cost until production. The source quoted him saying: “There has been an improvement in the initial interest which is what we call the carry. We are carried. We don’t pay till production. And then we also have a participating interest where we actually pay for it once the development begins,”
According to Tullow Oil, it is forecasted that the TEN field will have a facility production capacity of 80,000 bb/d once the field operates at maximum capacity.