Audio By Carbonatix
Director of Operations at the Africa Centre for Energy Policy (ACEP) has said that Ghana should seek for further directives on the maritime dispute ruling by the International Tribunal for Law of the Seas (ITLOS).
Benjamin Boakye who spoke with Joy Business says the ruling which directs Tullow Oil not to drill more wells is not favourable to the country's oil prospects.
"If we are making a case for the investment that has been made and further drilling is necessitated at some point to realize the object of that ruling there is the need to drill and I think the court should be willing to grant that relief to make sure that they drill when it becomes relevant.
"It cost about 50 million dollars to drill one well, so you are talking about 500 million dollar investment on the field and the court says you can’t continue, so what happens to their borrowings and interests on those borrowings, who finances them?" he questioned.
Benjamin Boakye is also worried; the ruling may affect the number of barrels of oil estimated at 80.000 barrels per day.
The TEN project is a unitized field operated by Tullow oil Ghana with other partners such as Kosmos Energy, Anadarko Petroleum, Petro SA and the Ghana Notional Petroleum Corporation.
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