Following the settlement of the maritime boundary dispute between Ghana and Cote d'Ivoire, Tullow Oil, a leading independent oil and gas, exploration and production group has announced it will restart the development drilling in the TEN fields by end of 2017.
Responding to the judgement of the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg on Saturday, Tullow said since the new maritime boundary as determined by the tribunal does not affect the TEN fields as per the map, it will work with Ghana.
"Tullow 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," the company said in a statement issued after the judgement.
"Tullow expects to resume drilling around the end of the year which will allow production from the TEN fields to start to increase towards the FPSO design capacity of 80,000 bopd," it added.
Commenting on the development, Paul McDade, CEO of Tullow said: “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.