Tullow Oil has welcomed International Tribunal of the Law of the Sea (ITLOS) ruling between Ghana and Côte d’Ivoire.
ITLOS ruled in favour of Ghana saying it didn’t violate the rights of Cote d’Ivoire by drilling oil around the maritime area shared by the two countries.
‘Ghana did not violate the provisional measures prescribed by the Special Chamber in its Order of 25 April 2015.” the court on Saturday, September 23, 2017 said.
A statement issued by Tullow after the ruling said it will work with the Government of Ghana to put in place the necessary permits to allow the restart of development drilling in the TEN fields.
‘Tullow expects to resume drilling around the end of the year which will allow production from the TEN fields to start to increase towards the FPSO design capacity of 80,000 bopd,’ it said.
Read details of Tullow’s statement:
ITLOS decision
23 September 2017 – Tullow Oil plc (Tullow) notes that the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg today made its decision with regard to the maritime boundary dispute between Ghana and Côte d’Ivoire. The new maritime boundary as determined by the tribunal does not affect the TEN fields as per the map at http://www.tullowoil.com/media/press-releases/itlos-ruling.
Tullow will now work with the Government of Ghana to put in place the necessary permits to allow the restart of development drilling in the TEN fields. Tullow expects to resume drilling around the end of the year which will allow production from the TEN fields to start to increase towards the FPSO design capacity of 80,000 bopd.
Paul McDade, CEO, commented today: “Tullow looks forward to continuing to work constructively with the Governments of both Ghana and Côte d’Ivoire following the conclusion of this process. While the TEN fields have performed well during the period of the drilling moratorium, we can now restart work on the additional drilling planned as part of the TEN fields’ plan of development and take the fields towards their full potential.”
By: Ghana/Ultimatefmonline.com/106.9FM
The post Tullow hails ITLOS Ruling appeared first on Ultimate FM.
Tullow Oil has welcomed International Tribunal of the Law of the Sea (ITLOS) ruling between Ghana and Côte d’Ivoire. ITLOS ruled in favour of Ghana saying it didn’t violate the rights of Cote d’Ivoire by drilling oil around the maritime area shared by the two countries. ‘Ghana did not violate the provisional measures prescribed by the […]
The post Tullow hails ITLOS Ruling appeared first on Ultimate FM.
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