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Government has finally approved the plan of development for the Tweneboa, Enyenra and Ntomme, (T.E.N) project believed to hold over one billion barrels of oil.
The Jubilee partners presented the plan of development to government for approval last year but government dragged its feet in giving the all clear.
The project is likely to cost the partners about $4.5 billion dollars.
Meanwhile, Tullow Oil Plc which is the lead operator on the Jubilee Field is likely to begin moves to sell part of its stake in the TEN Project.
Tullow currently has about 50 percent stake in that field but has already announced plans to sell part after the approval.
According to Tullow, this will enable the company cut down on the risks associated with its current stake in the TEN Project.
Source: Citifmonline
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