By Selina Williams
LONDON-- 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 are
expected to add to the company'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.
Write to Selina Williams at selina.williams@wsj.com
Access Investor Kit for Tullow Oil Plc
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=GB0001500809
Access Investor Kit for Tullow Oil Plc
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US8994152028
Subscribe to WSJ: http://online.wsj.com?mod=djnwires