Tullow Oil plc has welcomed the decision of the International Tribunal for the Law of the Sea (ITLOS) in the maritime dispute between Ghana and La Cote d’Ivoire.
A new methodology has been agreed between the two neighbouring countries with new coordinates given.
“The new maritime boundary as determined by the Tribunal does not affect the TEN fields as per the map,” the British oil firm said in a release issued on Saturday.
“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.”
Though the President of the Special Chamber reprimanded Ghana for going ahead with exploration in the Tweneboa-Enyenra-Ntomme (TEN) Fields knowing very well that the area is in dispute, it commended the country for cooperating throughout the process.
Tullow says it will resume drilling at year-end.
“[This] will allow production from the TEN fields to start to increase towards the FPSO design capacity of 80,000 bopd.”
Chief Executive Officer Paul McDade says Tullow will work “constructively” with both Ghana and La Cote d’Ivoire over the implementation of the decision.
“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,” Mr McDade said on Saturday.
Already, both Ghana and La Cote d’Ivoire have agreed to abide by every dictate of the decision made by the Hamburg-based court.
By Emmanuel Kwame Amoh|3news.com|Ghana