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Oil drilling to stop over Ghana and Ivory Coast boundary dispute
The maritime dispute ensued in 2014 when Ghana hauled the Ivory Coast before the International Tribunal on the Law of the Sea over the latter’s claim of ownership of parts of the oil and gas-rich Cape Three Points.
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“Drilling is not expected to recommence on the TEN field until after the resolution of the Côte d’Ivoire and Ghana border dispute through the ITLOS tribunal whose decision is expected in late 2017,” according to Tullow’s trading and operational update report.
The ongoing dispute is digging a huge hole in the revenues of the Ghana National Petroleum Corporation (GNPC) in respect to its exploration and equity financing.
A Public Interest Accountability Committee (PIAC) report shows that between January and June last year, the GNPC spent $2.11 million on the dispute ongoing in the International Tribunal for the Law of the Sea, representing 25% of the company’s total allocation for exploration and equity financing for the year.
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Meanwhile, the Chief Executive Officer of Tullow Oil PLC, Aiden Heavy said the Ten Oil Fields will start a daily production of 23,000 barrels in the next six weeks.
The TEN project showcase is a joint-venture partnership between Tullow, Kosmos Energy, Anadarko Petroleum, Petro SA and the GNPC.
They are located in the Deepwater Tano licence which covers an area of more than 800 sq km, and lies around 20km west of Tullow’s Jubilee field.
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