KV NEWS

KV NEWS: ” BOUNDRY DISPUTE WITH IVORY COAST HAS AFFECTED DEVELOPMENT OF NEW OIL WELLS”- JOHN MAHAMA

President John Mahama has said the maritime boundary dispute with Ivory Coast has affected the development of new oil wells in the Tweneboa Enyenra and Ntome (TEN) Oil fields.

He nonetheless said Ghana was committed to peaceful resolution of the dispute as and 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.

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