Tullow Oil to Restart Production in Ghana After Border Issue Settled

09/25/17 04:55 AM EDT

By Maryam Cockar

 

Tullow Oil PLC (TLW.LN) on Monday said it will restart drilling in Ghana after a court settled a maritime boundary dispute between Ghana and Ivory Coast that had halted the FTSE 250-listed company's activities there.

On Saturday, the International Tribunal of the Law of the Sea in Germany ruled that Tullow's oil fields, known as Ten, are under the jurisdiction of Ghana and not the Ivory Coast, which had claimed that some of the Ten fields were within its maritime border.

Tullow said it will work with the Ghanian government to secure permits to restart drilling at the end of 2017, which would help the company reach its oil production target of 80,000 barrels a day.

Tullow Chief Executive Paul McDade said restarting drilling will enable the fields to reach their full potential.

 

Write to Maryam Cockar at maryam.cockar@dowjones.com

 

(END) Dow Jones Newswires

September 25, 2017 04:55 ET (08:55 GMT)

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