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Latest News

Ghana can continue development in Ivory Coast oil dispute: tribunal

An international maritime tribunal on Saturday ruled that Ghana can continue developing a $4.9 billion dollar offshore oil project in an area caught up in a border dispute with Ivory Coast but must not start new drilling. The decision is positive for the government of Ghana and for British firm Tullow, which leads a consortium developing the "TEN" field and has already drilled the wells it needs to begin production in mid-2016. A moratorium would have denied the West African state's government revenue it needs as it seeks to restore economic stability with the help of an International Monetary Fund aid program. Ivory Coast in February asked the Hamburg-based International Tribunal for the Law of the Sea (ITLOS) to issue a moratorium on oil activity by Ghana in the disputed area while legal hearings are held.

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