According to Kosmos Energy and Tullow Oil Plc, the project remained within budget and on schedule, with first oil expected in mid-2016.
In two separate statements issued yesterday, the two companies indicated that the project was now more than 55 per cent complete, with all 10 of the wells expected to be online at first oil already drilled.
In a statement signed by the Chairman and Chief Executive Officer of Kosmos Energy, Mr Andrew G. Inglis, Kosmos Energy stated that development activities on the TEN project would continue as planned.
“We are pleased that the TEN project can continue and we remain confident that the boundary, as it has been drawn and respected by both Ghana and Côte d’Ivoire for over four decades based on the principle of equidistance, is both factually and legally correct and will ultimately be sustained in this arbitration. It is also important to note that the provisional measures granted do not affect the Jubilee Field,” it said
The statement, which was in response to the provisional orders issued by the Special Chamber of the ITLOS last Saturday, explained that Kosmos was not a party to the arbitration process and would now await a decision by the government of Ghana on how it would implement the provisional measures order.
The ITLOS ordered Ghana to suspend new drilling in the disputed area.
For its part, Tullow Oil Plc, the lead operator of the country’s second major independent oil production field, said since Tullow was not a party to the arbitration process between Cote d’Ivoire and Ghana, it would await a decision by the government on how it would implement the provisional measures order.
In a statement, it said the partnership was conscious of the fact that the ITLOS had ordered a number of provisional measures which both Ghana and Côte d’Ivoire were required to comply with.
Some of those measures, it said, included continued cooperation until ITLOS gave its decision on the maritime boundary dispute, which is expected in late 2017.
It assured Ghanaians that the Jubilee Field, which was currently producing, was completely unaffected by the arbitration.
The Jubilee Field was discovered in June 2007. It is located 60 kilometres offshore between the Deepwater Tano and the West Cape Three Points blocks in Ghana.
The TEN development project includes the collective development of three oil accumulations in the disputed area known as Tweneboa, Enyenra and Ntomme which form the acronym used for naming the project, off the coast of the Western Region.
The field, which has proven reserve of oil and gas deposit, was part of the Deepwater Tano licence which is located in water depths of 1,000 to 2,000 metres.
The field is located about 25 kilometres away from the Jubilee Fields.