The recent ruling by an international tribunal in a case brought against Ghana by ENI and Vitol is big news for all industry watchers in the upstream petroleum sector.
The long running legal dispute that Eni Ghana Exploration and Production and Vitol Upstream Ghana had initiated against the Ghana government was decided early this week, and everyone is telling their angle of the story.
Eni Ghana Exploration and Production and Vitol Upstream Ghana have received a positive decision from an international arbitral tribunal regarding their unitisation dispute with the Republic of Ghana, ruling in favour of their long-standing opposition to the Ministry of Energy’s unitisation directives.
The Attorney General of Ghana is trying desperately to spin serious embarrassment to the Republic of Ghana in an international tribunal using all the tools in his propaganda toolkit.
The International Arbitration Tribunal in the Eni & Vitol versus Ghana & Ghana National Petroleum Corporation (GNPC) arbitration has issued its final award. Positively for Ghana, the tribunal denied claimants their monetary damages. The claimants initially claimed 7 billion dollars, but they subsequently reviewed it to $915 million plus interest by the end of the proceedings.