The tribunal will, tomorrow, uphold or reject Ivory Coast’s request for suspension of activities at the Tweneboa, Enyenra and Ntomme (TEN) oil fields until the court eventually declares who owns the basin.
After prolonged bilateral negotiations between the two countries without progress the case was referred to the International Tribunal on the Law of the Sea by Ghana.
Ivory Coast has argued that Ghana and its partner oil companies cannot continue to develop the field while the border dispute is not settled.
The Petroleum Minister, Emmanuel Armah Kofi Buah has said Ghana has a strong case and is very confident of a ruling in the country’s favour.
“I can assure you that Ghana has a very strong case. We believe we will resolve our differences peacefully and focus on the important business of developing our countries,” the Minister told participants at a two-day Oil and Ghana Summit in Accra.
Tullow Oil, operator of the field, has equally said it believes Ghana has a strong case and that the court will dismiss Ivory Coast’s request for suspension.
The TEN project is more than 50% complete and so the country and the oil companies stand to lose significant revenues if Ivory Coast’s wish is granted.
The conversion of the TEN project Floating Production, Storage and Offloading (FPSO) vessel, which will receive, process and store crude oil, is said to be progressing steadily.
The conversion of the double-hull Centennial Jewel tanker began in October 2013 and it is on track to be ready to sail away from the Jurong shipyard in Singapore to Ghanaian waters by the end of 2015.
The TEN development project includes the collective development of three hydrocarbon accumulations – Tweneboa, Enyenra (formerly, Owo) and Ntomme. The three oil and gas fields are part of the Deepwater Tano license located offshore of Ghana.
The fields lie in water depths of 1,000m to 2,000m. The development is located 25km away from the Tullow-operated Jubilee field. It is the first deepwater field to be developed in offshore Ghana.
A field development plan for the project is expected to be submitted in the second half of 2012. First production is expected in the first quarter of 2015. A peak production rate of 100,000 barrels of oil per day is expected by 2018. The project is expected to recover approximately 216 million barrels of oil.
Tullow Oil is the operator of the Deepwater Tano license and holds a 49.95% interest. Partners include Kosmos Energy (18%), Anadarko Petroleum (18%), Sabre (4.05%) and the Ghana National Petroleum Corporation (GNPC, ten percent).