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July 18 (UPI) – Kosmos Energy said Wednesday that it has successfully arbitrated with Tullow Oil on a rigging contract canceled due to shipping disputes off the coast of Ghana.
The International Chamber of Commerce ruled on a Ghanaian subsidiary of Kosmos in arbitration on expenses related to the cancellation of a drilling contract two years ago. As a result, Kosmos is not responsible for the some $ 50 million owed to the owner of the Seadrill platform.
"Kosmos will also be reimbursed by Tullow for approximately $ 14 million plus interest on previously paid amounts in protest as well as certain costs and Tullow announced in early July that an English court had ruled against the suspension in 2016 of his rigging contract with Seadrill. The courts ruled that Tullow had erred in canceling the contract in response to a decision by the Ghanaian government to stop drilling in a field claimed by the Ghanaian and Ivorian governments.
After production at the Tweneboa field, Enyenra, Ntomme started in 2016 Tullow warned that drilling could be interrupted because of border disputes between the governments of Ghana and Cote d Ivoire.
Tullow made no comment on the decision except to say that "the sentence of the court is final and binding". The company said in June that it was setting up more platforms on its badets in Ghana with production trends testing the capacity in place.
Tullow's oil production averaged 87,700 barrels per day thanks to TEN gains. offshore complex in Ghana. Tullow is still in the process of remedying the problems of a floating production facility stationed on the Jubilee Field off Ghana, considered one of the most important discoveries of recent years
The Plans Expenditures for Tullow for 2018 remain unchanged at $ 460 million.
West Africa is becoming one of the hotspots of new oil production. Maritime boundary conflicts, however, could stifle potential.
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