Billions at Risk for Ghana Oil Firms on Ocean Boundary Ruling With Ivory Coast

Ghana's decision to seek arbitration in a dispute with Ivory Coast over an oil-rich basin in the Atlantic could prove costly for the country and a consortium led by Tullow if a court halts development there.

The International Tribunal for the Law of the Sea will rule on Saturday on Ivory Coast's February request for a moratorium on activity in the basin. The decision is part of legal proceedings on a maritime border dispute sought by Ghana's President John Dramani Mahama in September.

Although many expect the dispute to be ultimately settled in Ghana's favor, analysts say a ruling that prevented the $4.9 billion offshore TEN oil and gas field opening in mid-2016 would be a further blow to the battered Ghanaian economy.

Ghana Oil Refinery Breakdown a Symbol of Economic Woes

When it opened in 1963, Ghana's oil refinery symbolized pride and hope for the first African country to escape colonial rule. Now the plant stands idle in a sign of the economic shadow that has crept over one of the continent's brightest stars.

The discovery of oil in Ghana in 2007, added to its gold and cocoa wealth and its other major asset, stable democracy, gave it a chance to start catching up with oil giant Nigeria and regional West African economic powerhouse Ivory Coast.

The year after oil began flowing in 2010 economic growth spiked to 14.8 percent, one of the highest rates in the world.

Islamist Militants Shell Two Libyan Oilfields, Port Pipeline Damaged

(source: Reuters)

Islamist militants shelled Libya's Bahi and Mabrouk oilfields on Monday, damaging a pipeline to the Es Sidra oil port, a spokesman for forces protecting energy infrastructure said. 


Militants claiming loyalty to Islamic State have been blamed for attacks last month on an oilfield and pipeline in Libya, where two rival governments are battling for control. "Large armed forces calling themselves Islamic State in Libya shelled Bahi and Mabrouk oilfields. Field offices are still on fire," spokesman Ali Hassi said. "The Islamist militants damaged the crude pipeline between the two oilfields and Es Sidra port." He said it was still difficult to assess damage and fighting was continuing. Hassi said oil security forces were also confronting militants at a third oilfield, al-Dahra. 

Maersk Voyager Drillship Hired for Ghana Exploration

(source: offshore energy today)

Maersk Drilling has been awarded a contract from eni Ghana Exploration and Production Ltd., an Eni subsidiary, for employment of the newbuild drillship Maersk Voyager.