The Minister of Energy, Boakye Agyarko, said a victory for Ghana will help attract more investors into the oil and gas sector.
Boakye Agyarko was speaking at a stakeholders’ forum on Ghana’s 10 years’ experience as a commercial oil producer in Accra organised by the Petroleum Commission.
He said a victory for Ghana will help attract more investors into the oil and gas sector.
“With the final judgment by September 2017, the Ghana legal and technical team has put in their very best efforts, consequently we are very hopeful of securing a favourable decision, it is expected that the ruling will provide investors with the certainty they need to make long-term investment decisions in this country,” Agyarko said.
Ivory Coast is claiming ownership of the disputed TEN oil field, forcing Ghana to file a suit at the International Tribunal for the Law of the Sea (ITLOS) to ward off Ivory Coast from disputed oilfields.
It filed its suit based on Article 287 Annex VII of the 1982 UNCLOS.
Cote d’Ivoire in February 2015 filed for preliminary measures and urged the tribunal to suspend all activities in the disputed area until the definitive determination of the case, dubbed: “Dispute Concerning Delimitation of the Maritime Boundary between Ghana and Cote d’Ivoire in the Atlantic Ocean.”
But the Special Chamber of the ITLOS on April 25, 2015 declined to suspend production activities in the disputed area with the explanation that “in the view of the Special Chamber, the suspension of ongoing activities conducted by Ghana in respect of which drilling has already taken place would entail the risk of considerable financial loss to Ghana, and its concessioners and could also pose a serious danger to the marine environment resulting, in particular, from the deterioration of equipment.”