Tullow Oil plc (LON:TLW) announced it has brought online the Tweneboa, Enyenra, Ntomme fields – together referred to as the TEN Project - on time and on budget.
First oil has now been achieved at TEN, offshore Ghana, and the company expects production to ramp up gradually up to 80,000 barrels of oil per day through the remainder of 2016.
TEN is expected to yield an average of 23,000 bopd for 2016, Tullow added.
“This is an important moment for Tullow as production begins from our second operated development in Ghana,” said Aidan Heavey, Tullow chief executive.
In London, Tullow shares gained around 3% in early deals to change hands up to 244.6p.
Tullow is the operator of TEN and it owns a 47.175% stake in the project, alongside partners Anadarko (which owns 17%), Kosmos Energy (15%), the Ghana National Petroleum Corporation (15%) and PetroSA (3.875%).