President John Mahama has said the
He nonetheless said Ghana was committed to peaceful resolution of the dispute when he turned the valves on the $1 billion Floating Production, Storage and Offloading (FPSO) vessel, the Prof John Evans Atta Mills, for commercial oil production to begin from the TEN Oil field.
“The maritime boundary dispute had impacted TEN development activities in the disputed area as the provisional measures order from the international tribunal included an order prohibiting new oil wells in the field," President Mahama said on Thursday.
"We remain committed to a peaceful resolution of this dispute, and we look forward to the final resolution of this matter sometime next year."
Tullow, one of the major partners in the TEN Oil fields, has ruled out new drilling until the dispute is resolved.
“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.
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.
The TEN project showcase is a joint-venture partnership between Tullow, Kosmos Energy, Anadarko Petroleum, Petro SA and the GNPC.