[ 2016-08-17 ]

GNPC assures TOR conditional supply from TEN Field
The Chief Executive of the Ghana National
Petroleum Corporation (GNPC), Alex Mould says
crude oil from the Tweneboah Enyera Ntome (TEN)
field would be refined by the Tema Oil Refinery
(TOR) only if the refinery is in a position to pay
for allocations supplied.

Ghana’s second oil field, TEN Field is finally
expected to pump its first oil next week. It has
the capacity to produce about 80,000 barrels of
oil daily.

Project Director, Terry Hughes, however, tells JOY
BUSINESS, an average of 23,000 barrels is to be
produced daily and ramped up in due course.

Mr. Mould tells Joy Business, TOR would receive
significant volumes of crude from TEN once all the
required processes are completed.

Photo: Mr Mould with Joy Business' George Wiafe
during site inspection.

"The Teman Oil Refinery (TOR) has been neglected
in the past in terms of investments but now there
is a programme to make it sustainable over the
years. GNPC has been discussing with the refinery
and BOST to see how e can have our crude oil
refined in the refinery," he said.

Mr Mould said it requires a financial instrument
to be given to GNPC as a guarantee for payment in
case of any late payment if they have not received
their payment from the sale of the petroleum
produce that they will sell.

He said that is a normal process that any seller
and buyer of crude oil do, adding "TOR do open
letters of credit either through BOST or TOR
itself to buy crude oil, so they will do the same
for our crude oil."

"GNPC's crude oil, the Jubilee crude and the TEN
blend is crude oil that can be refined in the
refinery. It is the chemical specification of that
the refinery was built for, so there is no issue
with regards whether it can be used or not," he
stressed.

He said TOR is still working on the refinery and
putting things in place and once they are in a
position to do that, GNPC is ready to ensure that
we allocate to them some of our crude oil and we
can have discussions with our partners to ensure
that our domestic supply requirement, part of it
is given to the refinery.

"That means they have to buy it from our partners
and GNPC is willing to assist them in doing that
purchase," Mr Mould said.

Source - Myjoyonline.com

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