International Arbitration Tribunal rules in Ghana's favor, dismissing $7bn claims against Eni and Vitol; upholds Ghana's right to unitize oil fields.
The International Arbitration Tribunal has ruled in Ghana's favor, dismissing $7bn claims from oil companies Eni and Vitol. Ghana's unitization of oil fields was found to breach the Petroleum Agreement, but the tribunal upheld Ghana's sovereign right to unitize for efficient exploitation. This saves Ghana from a significant financial obligation, and the Attorney-General, Godfred Yeboah Dame, emphasized the importance of adhering to regulatory frameworks and protecting national interests.
July 09, 2024
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