Tullow prepares to sell TEN stake

rig  tsudaThe TEN oil project is made up of the Tweneboa, Enyenra and Ntomme discoveries. (Image source: tsuda/Flickr)Tullow has revealed plans to sell part of its Tweneboa, Enyenra and Ntommeoil (TEN) project located on Ghana's Deepwater Tano Block

Tullow chief executive Aidan Heavey told Dow Jones Newswire that the company had already been approached by buyers for TEN but declined to name the potential buyers.

Heavey said, “It’s a sellers market. We have a lot of interest, but we’re very well financed so we have no pressure and no target date.”

The current estimated capex cost for the base development plan of the TEN project, which includes around 23 injection and production wells, is estimated to be around US$4.5bn. The first production is expected within 36 months.

The proceeds from the sale of part of Tullow’s 50 per cent stake will help to fund the company’s exploration in projects in Africa and elsewhere.

Kosmos Energy, Anadarko Petroleum, South Africa's Petro SA and Ghana National Petroleum are also partners in the TEN project.

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