27th Apr 2015 06:31
LONDON (Alliance News) - Tullow Oil PLC Monday confirmed an international tribunal has ordered all exploration for oil and gas in a disputed offshore area between Ghana and the Ivory Coast to be suspended, including in the company's flagship TEN project.
Although exploration and new exploitation in the disputed area is suspended, existing developments such as the TEN project can continue to be developed. All new exploration and exploitation will remain suspended until the Special Chamber of the International Tribunal of the Law of the Sea in Hamburg, Germany, makes a final decision on the maritime boundary dispute between the two countries in late 2017.
Currently, the TEN project is about 55% completed with all 10 of the project's wells expected to be brought online when the project begins production. The project is on budget and on schedule to begin production in the middle of 2016.
"Tullow is not a party to this arbitration process and will now await a decision by the government of Ghana on how it will implement the provisional measures order," it said in a statement. "The Jubilee Field is completely unaffected by this arbitration."
By Joshua Warner; [email protected]; @JoshAlliance
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