{"id":356130,"date":"2017-09-23T14:42:37","date_gmt":"2017-09-23T14:42:37","guid":{"rendered":"http:\/\/citifmonline.com\/?p=356130"},"modified":"2017-11-10T11:12:25","modified_gmt":"2017-11-10T11:12:25","slug":"itlos-judgement-will-boost-ghanas-economic-fortunes-kofi-buah","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/09\/itlos-judgement-will-boost-ghanas-economic-fortunes-kofi-buah\/","title":{"rendered":"ITLOS judgement will boost Ghana’s economic fortunes – Kofi Buah"},"content":{"rendered":"

A former Energy and Petroleum Minister, Emmanuel Armah Kofi Buah, has said that the ruling of the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS), in favor of Ghana<\/a><\/span><\/strong> in the three-year-long maritime dispute with\u00a0C\u00f4te d\u2019Ivoire, will boost the country’s economic fortunes.<\/p>\n

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.<\/p>\n

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

“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.<\/p>\n

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 C\u00f4te d\u2019Ivoire\u2019s maritime boundary.<\/p>\n

It rejected C\u00f4te d\u2019Ivoire\u2019s argument that Ghana\u2019s coastal lines were unstable, noting that\u00a0Ghana has\u00a0not\u00a0violated C\u00f4te d\u2019Ivoire\u2019s sovereign rights with its oil exploration in the disputed basin.<\/p>\n

Justice Boualem Bouguetaia, President of the Special Chamber in reading the judgment, accepted Ghana\u2019s argument\u00a0of adoption of the equidistance method of delineation of the maritime boundary.<\/p>\n

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.<\/p>\n

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.<\/p>\n

In 2014, Ghana took the case to ITLOS to dispel claims it has encroached Cote d\u2019Ivoire\u2019s marine borders as part of oil exploration activities at Cape Three Points, off the shores of the Western Region.<\/p>\n

Ghana\u2019s defense held that Cote d\u2019Ivoire\u00a0was 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.<\/p>\n

The oral hearings for the dispute were concluded in February 2017.<\/p>\n

Ghana\u2019s oil discovery<\/strong><\/p>\n

In 2007, Ghana discovered oil and gas in commercial quantities, and this was followed by Cote d\u2019Ivoire staking its claim to portions of the West Cape Three Points.<\/p>\n

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.<\/p>\n

Cote d\u2019Ivoire\u00a0petitioned 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.<\/p>\n

This commission was tasked with the responsibility of negotiating with C\u00f4te d\u2019Ivoire towards finding a lasting solution to the problem.<\/p>\n

But this commission bore no fruit, and in September 2014, Ghana dragged Cote d\u2019Ivoire to ITLOS after 10 failed negotiations.<\/p>\n

ITLOS\u2019s first ruling in 2015 placed a moratorium on new projects, with old projects continuing after Cote d\u2019Ivoire filed for preliminary measures and urged the tribunal to suspend all activities on the disputed area until the definitive determination of the case.<\/p>\n

The moratorium prevented Tullow Oil from drilling additional 13 wells. Tullow thus drilled eleven [11] wells in Ghana\u2019s first oil field.<\/p>\n

–<\/p>\n

By: Obrempong Yaw Ampofo\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

A former Energy and Petroleum Minister, Emmanuel Armah Kofi Buah, has said that the ruling of the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS), in favor of Ghana in the three-year-long maritime dispute with\u00a0C\u00f4te d\u2019Ivoire, will boost the country’s economic fortunes. He believes the uncertainty which prevented giant oil […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,1258,170,11],"tags":[11317,11318,84],"yoast_head":"\nITLOS judgement will boost Ghana's economic fortunes - Kofi Buah - Citi 97.3 FM - Relevant Radio. 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