“… let me express, again, the gratitude of our nation to all of you, and I am sure that, at the appropriate time, national honours will be duly conferred,” he said at the Flagstaff House on Thursday night, at a ceremony to celebrate the legal victory.

President Nana Akufo-Addo also said the success chalked at ITLOS in the maritime dispute, was down to the efforts of all his predecessors and not just his administration.

The Special Chamber of the ITLOS  unanimously declared that Ghana had not violated Cote d’Ivoire’s sovereign rights in its oil exploration activities after arbitration began in 2014.

“Ladies and gentlemen, this victory could not have been achieved through the action of one person, one political party or one government. It has been a collective effort, in the important role played by successive presidents, and the government should not be overlooked, discounted or understated on such an occasion as this,” the President said.

The President, who lauded all Ghana’s Presidents under the Fourth Republic; namely Jerry Rawlings, John Kufuor, John Evans Atta Mills and John Mahama, expressed gratitude to them for the roles they had played in the past and present, to ensure that the nation’s oil resources were not lost in that dispute.

“Tonight, I pay tribute to the former President of the Republic, His Excellency Jerry John Rawlings, under whose farsighted leadership, in 1983, the Ghana National Petroleum Corporation (GNPC) was established. GNPC was set up to be a strategic, commercial vehicle to help accelerate the pace for the exploration of oil and gas.”

“It was under the leadership of my former boss, the former President of the Republic, His Excellency John Agyekum Kufuor, that GNPC was restructured to ensure that it focused on its core activity of exploration, and the promotion of the oil and gas potential of the country.”

“It was in 2014 that my immediate predecessor, His Excellency John Dramani Mahama, took the courageous decision to initiate arbitration,” President Nana Akufo-Addo.

–

By: Farida Yussuf/citifmonline.com/Ghana

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A former Finance Minister, Seth Terkper, revealed on the Citi Breakfast Show that the litigation at ITLOS was a point of interest in the issuing of these bonds, to the extent that confidential information had to be divulged.

[contextly_sidebar id=”X4OO2aG8ZaeEkUmvAodH9C0gEOoCUfvm”]Although the full extent of the financial victory could not be quantified, he said the 2015 and 2016 sovereign bond, were enveloped by the litigation posing some significant risk to the financing of the 2007 bond, which is due in October 2017.

These risks came in the form of possible reservations from investors.

“…In essence, if there is one single quantification of the risk, one would say; had the earlier reservations by investors and others materialized, then we can see what could have happened. Even during those earlier times, if investors had enough significant reservations as to not make those bonds possible, then you can imagine,” Mr. Terkper explained.

He lauded the work of the technical team working on the case, for doing enough “to show that we were confident that Ghana would prevail” and “to some extent, investors, well most of them, believed, and we were able to do this bond.”

The ITLOS Chamber, in a unanimous decision on Saturday, held that there had been no violation on the part of Ghana on Côte d’Ivoire’s maritime boundary.

In 2007, Ghana discovered oil and gas in commercial quantities, and this was followed by Cote d’Ivoire staking its claim to portions of the West Cape Three Points.

A moratorium placed during the litigation halted new projects prevented Tullow Oil from drilling additional 13 wells. Tullow thus drilled eleven [11] wells in Ghana’s first oil field.

Mr. Terkper noted that, the litigation also “affected the years and the rates” of the bond and was a prime example of “a factor which is beyond your control.”

Due to the amount at stake, Ghana even had to disclose all information demanded in relation to the litigation, “however, confidential.”

“Usually, before we give what is called a final decision to proceed, a series of questions are asked of the Minister of Finance and one of them, in 2015 and 2016, was whether the Minister of Finance had any information to suggest if Ghana could not win the case… we were dealing with the financial market so we could not hold it back.”

For Mr. Terkper, all this was an indicator of the significance of the ITLOS judgment in Ghana’s favour “in terms of stability with financing the budget, in terms of the pricing for the bond and other decisions.”

–

By: Delali Adogla-Bessa/citifmonline.com/Ghana

The post Maritime dispute: 2007 $750m bond was at stake – Terkper appeared first on Citi 97.3 FM - Relevant Radio. Always.

Côte d’Ivoire had accused Ghana of overstepping its maritime boundary in the exploration of oil at the Jubilee Fields in the Western Region.

[contextly_sidebar id=”Go1sqefn83wITSUJ4BlAPXhg4wrl8fNT”]But the ITLOS Chamber in a unanimous decision on Saturday held that, there has not been any violation on the part of Ghana on Côte d’Ivoire’s maritime boundary.

Dr. Ayine who was part of those in the helm of affairs when the case was sent to ITLOS in an exclusive Citi News interview said ITLOS became the only option because Côte d’Ivoire “kept changing the goal post.”

“In the first place, what led to the decision was the fact that in all the bilateral efforts that were made to get the Ivorian side to come round to the point where we could get a bilateral solution to the problem did not yield any fruit. We realized that they kept changing the goal post and then changing their positions now and again up to the point where we got so frustrated that we thought that we needed a third party adjudicator to put this matter to rest.”

“That is how come that my boss made the decision and advised the former President of the Republic that this was the right thing to do. So it was to prevent the situation where the bilateral processes will not lead to a negotiated settlement,” added.

He was also elated over the victory at ITLOS saying it was as a result of the “hardwork” exhibited by the team which comprised of “people from the Ministry of Petroleum, GNPC, Attorney General’s Department, Ghana Maritime Authority…led by my boss [Marietta Brew Appiah-Oppong] and the experts that she procured to assist us in the resolution of the dispute.”

Background

In 2007, Ghana discovered oil and gas in commercial quantities, and this was followed by Cote d’Ivoire staking its claim to portions of the West Cape Three Points.

These claims were renewed in 2010 after Vanco, an oil exploration and production company announced the discovery of oil in the Dzata-1 deepwater-well.

Cote d’Ivoire petitioned the United Nations asking for a completion of the demarcation of its maritime boundary with Ghana, and Ghana responded by setting up of the Ghana Boundary Commission.

This commission was tasked with the responsibility of negotiating with Côte d’Ivoire towards finding a lasting solution to the problem.

But this commission bore no fruit, and in September 2014, Ghana dragged Cote d’Ivoire to ITLOS after 10 failed negotiations.

ITLOS’s first ruling in 2015 placed a moratorium on new projects, with old projects continuing after Cote d’Ivoire filed for preliminary measures and urged the tribunal to suspend all activities on the disputed area until the definitive determination of the case.

The moratorium prevented Tullow Oil from drilling additional 13 wells. Tullow thus drilled eleven [11] wells in Ghana’s first oil field.

–

By: Godwin AkweitehAllotey/citifonline.com/Ghana
Follow @AlloteyGodwin

The post Ivory Coast’s frustrations forced Ghana to ITLOS – Dr. Ayine appeared first on Citi 97.3 FM - Relevant Radio. Always.

The Chamber in a unanimous decision on Saturday September 23, 2017, ruled that there has not been any violation on the part of Ghana on Côte d’Ivoire’s maritime boundary.

The infographic below captures the history of the case; events between when it started and when it ended.

–
By: Melvin Clottey/citifmonline.com/Ghana

The post Ghana’s maritime dispute case against Ivory Coast [Infographic] appeared first on Citi 97.3 FM - Relevant Radio. Always.

In a statement, the NDC acknowledged “President Mahama’s courage in launching the ITLOS case despite concerns that this could be misinterpreted by our neighbors as a hostile act and that Ghana could lose the case at ITLOS.”

[contextly_sidebar id=”rvx25R2BpB9IXoHuPuePPKwSDV80wmTN”]The NDC said President Mahama withstood pressure to withdraw the case, which started in 2014, demonstrating awareness of the fact “protracted bilateral negotiations posed a greater danger to our bilateral relations.”

“The NDC is proud to have played a leadership role in securing this legal victory and securing these important resources for the country,” the statement added.

The ITLOS Chamber in a unanimous decision on Saturday held that, there has not been any violation on the part of Ghana on Côte d’Ivoire’s maritime boundary.

The Chamber rejected Côte d’Ivoire’s argument that Ghana’s coastal lines were unstable.

The NDC congratulated the judges of the Special Chamber “on their comprehensive and clear analysis of the issues and on a fair ruling” and congratulated the governments of Ghana and Cote d’Ivoire for seeing this dispute through “peaceably and in a brotherly spirit.”

The opposition party added that, the ITLOS ruling represented a victory for pan-African collaboration, diplomacy, and international rule of law.

“Our two countries have managed a potentially divisive and even explosive dispute with great calm, maturity, and wisdom.  We can now put this dispute behind us and look forward to many years of continued collaboration in shipping, fishing, oil and gas and other subsea resource development between our countries.”

Find below the full statement

NATIONAL DEMOCRATIC CONGRESS

STATEMENT ON THE RULING OF INTERNATIONAL TRIBUNAL FOR THE LAW OF THE SEA IN THE MARITIME BORDER DELIMITATION BETWEEN GHANA AND LA COTE D’IVOIRE

The International Tribunal for the Law of the Sea (ITLOS) this morning delimited the maritime border between Ghana and la Cote d’Ivoire.  Substantially the court confirmed Ghana’s historical position – a legal victory for Ghana. The NDC congratulates the judges of the Special Chamber on their comprehensive and clear analysis of the issues and on a fair ruling.  We congratulate the governments of Ghana and of La Cote d’Ivoire for seeing this dispute through peaceably and in a brotherly spirit.  We also congratulate the Ghanaian legal and technical team and their support staff of their hard and very impressive work.

The ITLOS ruling also represents a victory for pan-African collaboration, diplomacy, and international rule of law.  Our two countries have managed a potentially divisive and even explosive dispute with great calm, maturity, and wisdom.  We can now put this dispute behind us and look forward to many years of continued collaboration in shipping, fishing, oil and gas and other subsea resource development between our countries.

We would be remiss if we did not pay tribute to the late President John Evans Atta Mills who foresaw the danger that a prolonged maritime border dispute posed for the development and security of our two sister countries and West Africa. Prof Mills established the permanent Maritime Border Secretariat. He tasked the Ghana National Petroleum Corporation, to resource MBS so it could attract and deploy Ghanaian expertise and develop our national strategy for resolving the dispute.

We acknowledge President Mahama’s courage in launching the ITLOS case despite concerns that this could be misinterpreted by our neighbours as a hostile act and that Ghana could lose the case at ITLOS. President Mahama recognised that protracted bilateral negotiations posed greater danger to our bilateral relations than a swift, conclusive, impartial, and authoritative ITLOS ruling.  He resisted pressure to withdraw the case and maintained support for the ITLOS process until the judges retired to write their judgements last year.

The NDC is proud to have played a leadership role in securing this legal victory and securing these important resources for the country.

Long Live Ghana!

Long Live la Cote d’Ivoire!

Signed

Sir Kofi Poturphy

National Chairman

Saturday,23rd September,2017

–

By: Delali Adogla-Bessa/citifmonline.com/Ghana

The post NDC praises Mahama, Atta Mills for ITLOS victory appeared first on Citi 97.3 FM - Relevant Radio. Always.

This was contained in a joint statement released hours after the Chamber’s judgement.

[contextly_sidebar id=”hOqcx8D0P3dkaVdSiIoXQKpCikqQucMJ”]The long standing maritime dispute between Ghana and Cote D’lvoire came to what appears to be a closure today [Saturday], September 23, 2017, after ITLOS ruled largely in favour of Ghana.

The Chamber ruled that there has not been any violation on the part of Ghana on Côte d’Ivoire’s maritime boundary.

It further rejected Côte D’Ivoire’s argument that Ghana’s coastal lines were unstable, adding that Ghana had not violated Côte d’Ivoire’s sovereign rights with its oil exploration in the disputed basin in question.

We’ll abide by terms of judgement 

The statement, which was signed by the two agents also saw the two countries reiterating their mutual commitment to abide by the terms of the judgement.

“Cote d’Ivoire and Ghana seize the opportunity to reiterate the mutual commitment of the two countries to abide by the terms of this decision from the Special Chamber, and to fully collaborate for its implementation. Cote d’Ivoire and Ghana accept the decision, in accordance with the Statute of ITLOS.”

The two countries also “affirmed their strong will to work together to strengthen and intensify their brotherly relationships of cooperation and good neighbourliness.”

“On the joint behalf of the Presidents and the Peoples of the Republic of Cote d’Ivoire and the Republic of Ghana, I would like to express our gratitude to the Special Chamber of the International Tribunal for the Law of the Sea for the courteous attention with which the proceedings were conducted,” the statement added.

Justice Boualem Bouguetaia, President of the Special Chamber in reading the judgment, accepted Ghana’s argument of adoption of the equidistance method of delineation of the maritime boundary.

In consideration of the new boundary, the Chamber determined that it starts from boundary 55 -200 nautical miles away, a position much closer to what Ghana was arguing for.

Analysts say Ghana would now have to wait to see how the final map looks, once the coordinates are plotted in the sea using boundary pillar BP 55+ on a common land boundary, as a starting point for drawing the new equidistance line.

In 2014, Ghana took the case to ITLOS to dispel claims it has encroached Cote d’Ivoire’s marine borders as part of oil exploration activities at Cape Three Points, off the shores of the Western Region.

Ghana’s defense held that Cote d’Ivoire was barred from demanding ownership to the disputed area it had acknowledged that Ghana owned the space without any qualms in the decades leading up to the oil discovery.

The oral hearings for the dispute were concluded in February 2017.

Ghana’s oil discovery

In 2007, Ghana discovered oil and gas in commercial quantities, and this was followed by Cote d’Ivoire staking its claim to portions of the West Cape Three Points.

These claims were renewed in 2010 after Vanco, an oil exploration and production company announced the discovery of oil in the Dzata-1 deepwater-well.

Cote d’Ivoire petitioned the United Nations asking for a completion of the demarcation of its maritime boundary with Ghana, and Ghana responded by setting up of the Ghana Boundary Commission.

This commission was tasked with the responsibility of negotiating with Côte d’Ivoire towards finding a lasting solution to the problem.

But this commission bore no fruit, and in September 2014, Ghana dragged Cote d’Ivoire to ITLOS after 10 failed negotiations.

ITLOS’s first ruling in 2015 placed a moratorium on new projects, with old projects continuing after Cote d’Ivoire filed for preliminary measures and urged the tribunal to suspend all activities on the disputed area until the definitive determination of the case.

The moratorium prevented Tullow Oil from drilling additional 13 wells. Tullow thus drilled eleven [11] wells in Ghana’s first oil field.

–

By: Marian Ansah/citifmonline.com/Ghana
Follow @EfeAnsah

The post Cote D’lvoire, Ghana accept ITLOS judgement on maritime dispute appeared first on Citi 97.3 FM - Relevant Radio. Always.

He believes the uncertainty which prevented giant oil companies from investing in Ghana’s upstream petroleum sector due to the Chamber’s moratorium on exploration in the disputed area, has been cleared by the ruling, restoring investors confidence.

[contextly_sidebar id=”oCLae7tKn0cnrVlVEhWhL0Soi8nH0icj”]Speaking to Citi News shortly after the ruling, the former minister said the judgement puts Ghana’s upstream petroleum sector on a path to greater heights.

“What this ruling means is that, Ghana’s petroleum sector is going to experience a boom. Remember there were a lot of activities that were halted because of this court case. We believe that we are going to see the return of these investments. I know that Hess Petroleum is the first to come, and a lot of big players will follow. So we see a very bright future for Ghana’s Oil and Gas sector,” he said.

The Special Chamber in a unanimous decision on Saturday September 23, 2017, ruled that there has not been any violation on the part of Ghana on Côte d’Ivoire’s maritime boundary.

It rejected Côte d’Ivoire’s argument that Ghana’s coastal lines were unstable, noting that Ghana has not violated Côte d’Ivoire’s sovereign rights with its oil exploration in the disputed basin.

Justice Boualem Bouguetaia, President of the Special Chamber in reading the judgment, accepted Ghana’s argument of adoption of the equidistance method of delineation of the maritime boundary.

In consideration of the new boundary, the Chamber determined that it starts from boundary 55 -200 nautical miles away, a position much closer to what Ghana was arguing for.

Analysts say Ghana would now have to wait to see how the final map looks, once the coordinates are plotted in the sea using boundary pillar BP 55+ on a common land boundary, as a starting point for drawing the new equidistance line.

In 2014, Ghana took the case to ITLOS to dispel claims it has encroached Cote d’Ivoire’s marine borders as part of oil exploration activities at Cape Three Points, off the shores of the Western Region.

Ghana’s defense held that Cote d’Ivoire was barred from demanding ownership to the disputed area it had acknowledged that Ghana owned the space without any qualms in the decades leading up to the oil discovery.

The oral hearings for the dispute were concluded in February 2017.

Ghana’s oil discovery

In 2007, Ghana discovered oil and gas in commercial quantities, and this was followed by Cote d’Ivoire staking its claim to portions of the West Cape Three Points.

These claims were renewed in 2010 after Vanco, an oil exploration and production company announced the discovery of oil in the Dzata-1 deepwater-well.

Cote d’Ivoire petitioned the United Nations asking for a completion of the demarcation of its maritime boundary with Ghana, and Ghana responded by setting up of the Ghana Boundary Commission.

This commission was tasked with the responsibility of negotiating with Côte d’Ivoire towards finding a lasting solution to the problem.

But this commission bore no fruit, and in September 2014, Ghana dragged Cote d’Ivoire to ITLOS after 10 failed negotiations.

ITLOS’s first ruling in 2015 placed a moratorium on new projects, with old projects continuing after Cote d’Ivoire filed for preliminary measures and urged the tribunal to suspend all activities on the disputed area until the definitive determination of the case.

The moratorium prevented Tullow Oil from drilling additional 13 wells. Tullow thus drilled eleven [11] wells in Ghana’s first oil field.

–

By: Obrempong Yaw Ampofo/citifmonline.com/Ghana

The post ITLOS judgement will boost Ghana’s economic fortunes – Kofi Buah appeared first on Citi 97.3 FM - Relevant Radio. Always.

Ghana dragged Ivory Coast to the Special Chamber of the International Tribunal of the Law of the Sea(ITLOS) in September 2014, after negotiations with Ivory Coast over the disputed boundary broke down.

ITLOS in its first ruling in 2015, placed a moratorium on new projects, and the directive meant Tullow had to put on hold operations including drilling in the disputed area.

But today, September 23, 2017, ITLOS ruled largely in favor of Ghana.

The special chamber ruled that there had not been any violation on the part of Ghana on Ivory Coast’s maritime boundary. ITLOS also determined a new boundary for the two countries.

Tullow in a statement copied to Citi Business News said the TEN fields were not affected by the new maritime boundary determined by the tribunal.

Tullow added that it “will now work with the Government of Ghana to put in place the necessary permits to allow the restart of development drilling in the TEN fields.

Tullow expects to resume drilling around the end of year. Tullow’s TEN field currently produces about 40,000 barrels of oil per day.

Meanwhile, the CEO of Tullow, Paul McDade, has assured that the company will continue its production in Ghana and also work with the government of Ivory Coast.

“Tullow looks forward to continuing to work constructively with the Governments of both Ghana and Côte d’Ivoire following the conclusion of this process. While the TEN fields have performed well during the period of the drilling moratorium, we can now restart work on the additional drilling planned as part of the TEN fields’ plan of development and take the fields towards their full potential,” he said.
–
By: Vivian Kai Lokko/Citibusinessnews/Ghana

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The Chamber ruled that there has not been any violation on the part of Ghana on Côte d’Ivoire’s maritime boundary.

[contextly_sidebar id=”iTWtanT1mpfVH8CqkJMZCK9utqXEZ5nO”]It further rejected  Côte D’Ivoire’s argument that Ghana’s coastal lines were unstable. It also noted that Ghana has not violated Côte d’Ivoire’s sovereign rights with its oil exploration in the disputed basin in question.

Below is a summary of Chamber’s judgement:

 (1) Unanimously,

Finds that it has jurisdiction to delimit the maritime boundary between the parties in the territorial sea, in the exclusive economic zone and on the continental shelf, both within and beyond 200 nm.

(2) Unanimously,

Finds that there is no tacit agreement between the parties to delimit their territorial sea, exclusive economic zone and continental shelf both within and beyond 200 nm, and rejects Ghana’s claim that Côte d’Ivoire is estopped from objecting to the “customary equidistance boundary”.

(3) Unanimously,

Decides that the single maritime boundary for the territorial sea, the exclusive economic zone and the continental shelf within and beyond 200 nm starts at BP 55+ with the coordinates 05° 05’ 23.2” N, 03° 06’ 21.2’’ W in WGS 84 as a geodetic datum ITLOS/Press 264 23 September 2017 4 and is defined by turning points A, B, C, D, E, F with the following coordinates and connected by geodetic lines:

A: 05° 01’ 03.7” N 03° 07’ 18.3” W

B: 04° 57’ 58.9” N 03° 08’ 01.4” W

C: 04° 26’ 41.6” N 03° 14’ 56.9” W

D: 03° 12’ 13.4” N 03° 29’ 54.3” W

E: 02° 59’ 04.8” N 03° 32’ 40.2” W

F: 02° 40’ 36.4” N 03° 36’ 36.4” W

From turning point F, the single maritime boundary continues as a geodetic line starting at an azimuth of 191° 38’ 06.7’’ until it reaches the outer limits of the continental shelf.

 (4) Unanimously,

Finds that it has jurisdiction to decide on the claim of Côte d’Ivoire against Ghana on the alleged international responsibility of Ghana.

 (5) Unanimously,

Finds that Ghana did not violate the sovereign rights of Côte d’Ivoire.

 (6) Unanimously,

Finds that Ghana did not violate article 83, paragraphs 1 and 3, of the Convention.

(7) Unanimously,

Finds that Ghana did not violate the provisional measures prescribed by the Special Chamber in its Order of 25 April 2015.”

–

By: Marian Ansah/citifmonline.com/Ghana

The post Summary of judgement on Ghana-Cote D’lvoire Maritime dispute appeared first on Citi 97.3 FM - Relevant Radio. Always.

Cote d’Ivoire, as part of reliefs put forward, asked the Chamber to order Ghana to compensate them, because in their view, Ghana benefited from a resource  in itsterritorial waters.

They had argued that “reparation by equivalence or compensation should be envisaged both for the loss of hydrocarbon production for any damage that Ghana’s activities may have caused to the rocks and deposits.”

Ghana on the other hand, argued that “it would be absurd to compensate Cote d’Ivoire for physical changes to the seabed brought about by oil production works which Cote d’Ivoire itself wants to pursue in the very same way.”

The Chamber dismissed Cote d’Ivoire’s request sustaining Ghana’s argument.

The Special Chamber, in delivering its judgement on the delimitation of the Maritime Boundary between the two in the Atlantic Ocean, also ruled that Ghana has not violated the sovereign rights of the Francophone country by exploring for oil in that disputed basin.

The Chamber rejected Côte d’Ivoire’s argument that Ghana’s coastal lines were unstable.
It also noted that Ghana has not violated Côte d’Ivoire’s sovereign rights with its oil exploration in the disputed basin in question.

Justice Boualem Bouguetaia, President of the Special Chamber in reading the judgment, accepted Ghana’s argument of adoption of the equidistance method of delineation of the maritime boundary.

Analysts say Ghana would now have to wait to see how the final map looks, once the coordinates are plotted in the sea using boundary pillar BP 55+ on a common land boundary, as starting point for drawing the new equidistance line.

In consideration of the new boundary, the Chamber determined that it starts from boundary 55 -200 nautical miles away, a position much closer to what Ghana was arguing for.

The judgement effectively means that Ghana’s oil fields are not going to be materially affected.

Ghana’s oil discovery

In 2007, Ghana discovered oil and gas in commercial quantities, and this was followed by Cote d’Ivoire staking its claim to portions of the West Cape Three Points.

These claims were renewed in 2010 after Vanco, an oil exploration and Production Company announced the discovery of oil in the Dzata-1 deepwater-well.
Cote d’Ivoire petitioned the United Nations asking for a completion of the demarcation of its maritime boundary with Ghana, and Ghana responded by setting up of the Ghana Boundary Commission.

This commission was tasked with the responsibility of negotiating with Côte d’Ivoire towards finding a lasting solution to the problem.

But this commission bore no fruit, and in September 2014, Ghana dragged Cote d’Ivoire to ITLOS after 10 failed negotiations.

ITLOS’s first ruling in 2015 placed a moratorium on new projects, with old projects continuing after Cote d’Ivoire filed for preliminary measures and urged the tribunal to suspend all activities on the disputed area until the definitive determination of the case.

The moratorium prevented Tullow Oil from drilling additional 13 wells. Tullow thus drilled eleven [11] wells in Ghana’s first oil field.

Background

In 2014, Ghana took the case to ITLOS to dispel claims it has encroached Cote d’Ivoire’s marine borders as part of oil exploration activities at Cape Three Points, off the shores of the Western Region.

Ghana’s defense held that Cote d’Ivoire was barred from demanding ownership to the disputed area it had acknowledged that Ghana owned the space without any qualms in the decades leading up to the oil discovery.

The oral hearings for the dispute were concluded in February 2017.

In 2007, Ghana discovered oil and gas in commercial quantities, and this was followed by Cote d’Ivoire staking its claim to portions of the West Cape Three Points.

These claims were renewed in 2010 after Vanco, an oil exploration and Production Company announced the discovery of oil in the Dzata-1 deepwater-well.

Cote d’Ivoire petitioned the United Nations asking for a completion of the demarcation of its maritime boundary with Ghana, and Ghana responded by setting up of the Ghana Boundary Commission.

This commission was tasked with the responsibility of negotiating with Côte d’Ivoire towards finding a lasting solution to the problem. But this commission bore no fruit, and in September 2014, Ghana dragged Cote d’Ivoire to ITLOS after 10 failed negotiations.

ITLOS’s first ruling in 2015 placed a moratorium on new projects, with old projects continuing after Cote d’Ivoire filed for preliminary measures and urged the tribunal to suspend all activities on the disputed area until the definitive determination of the case.

The moratorium prevented Tullow Oil from drilling additional 13 wells. Tullow thus drilled eleven [11] wells in Ghana’s first oil field.
–
By: Ebenezer Afanyi Dadzie/Citifmonline.com/Ghana

The post Ghana doesn’t owe Cote d’Ivoire any compensation – ITLOS appeared first on Citi 97.3 FM - Relevant Radio. Always.