Tullow Oil PLC was handed positive news Saturday when an international tribunal ruled against suspending all petroleum operations in an offshore zone that is under dispute between Ghana and Ivory Coast.
The International Tribunal for the Law of the Sea, or ITLOS, ruled that no new drilling either by Ghana or under its control could take place in the disputed area. However, Tullow has already completed the drilling required for oil to flow next year from the development.
“Following this ruling, the TEN project can move ahead and we will now await instructions from the Government of Ghana with regard to implementing those provisional measures that have been ordered by ITLOS,” a Tullow spokesman said.
The Tullow-led development of the TEN offshore oil fields is expected to add to thecompany’s cash flow and profits. The $4.9 billion development is expected to produce up to 80,000 barrels of oil a day.
Ivory Coast, which neighbors Ghana, had asked for the international tribunal to force Ghana to suspend all exploration and development in the disputed area. Final judgment on the case is expected late 2017.
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