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TEHRAN, July 18 -Kosmos Energy said Wednesday it succeeded in arbitration with Tullow Oil over a rig contract canceled because of maritime disputes off the coast of Ghana.
TEHRAN, Young Journalists Club (YJC) -Kosmos Energy said Wednesday it succeeded in arbitration with Tullow Oil over a rig contract canceled because of maritime disputes off the coast of Ghana.
The International Chamber of Commerce ruled in favor of a Ghanaian subsidiary of Kosmos in arbitration over expenses related to the cancellation of a rig contract two years ago. As a result, Kosmos is not liable for the estimated $50 million owed to rig owner Seadrill.
"Kosmos will also be reimbursed by Tullow for approximately $14 million plus interest, related to amounts previously paid under protest as well as certain costs and fees of pursuing the arbitration," it stated.
Tullow announced in early July that an English court ruled against its 2016 suspension of its rig contract with Seadrill. The courts ruled Tullow erred in cancelling the contract in response to a decision from the government in Ghana to halt drilling at a field then claimed by the Ghanaian and Ivorian governments.
After production at the Tweneboa, Enyenra, Ntomme field started in 2016, Tullow cautioned that drilling may stand still because of border disputes between the governments of Ghana and Ivory Coast.
Tullow offered no comment on the ruling other than to say "the tribunal's award is final and binding." The company in June said it was putting more rigs in place at its assets in Ghana with production trends testing in-place capacity.
Tullow's oil production during the first quarter averaged 87,700 barrels of oil per day, led by gains from the TEN complex offshore Ghana. Tullow is still in the process of remediating problems with a floating production facility parked over the Jubilee field off the coast of Ghana, considered one of the larger finds in recent years.
Spending plans for Tullow for 2018 remain unchanged at $460 million.
West Africa is emerging as one of the hot spots for new oil production. Disputes over maritime borders, however, could stifle the potential.
Source:UPI
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