Ghana Ordered to Stop Oil Drilling in Disputed Waters

Ghana has been told by an international tribunal not to begin any new offshore drilling for oil in disputed waters with the Ivory Coast.

The International Tribunal for the Law of the Sea did, however, allow Ghana to continue developing current oilfields.

These include the so called-Ten fields, part owned by UK firm Tullow Oil.

Ivory Coast had asked that all drilling be suspended, but the tribunal ruled this would risk “considerable financial loss” to Ghana.

Instead, it told the West African nation to “take all necessary steps to ensure than no new drilling either by Ghana or under its control takes place in the disputed area” and to “refrain from granting any new permit for oil exploration and exploitation in the disputed area”.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza