By Selina Williams
LONDON--Tullow Oil PLC (TLW.LN) was handed positive news
Saturday when an international tribunal ruled against suspending
all petroleum operations in an offshore zone that is under dispute
between Ghana and Ivory Coast.
The International Tribunal for the Law of the Sea ruled that no
new drilling either by Ghana or under its control could take place
in the disputed area. However, Tullow has already completed the
drilling required for oil to flow next year from the
development.
The Tullow-led development of the TEN offshore oil fields are
expected to add to the company's cash flow and profits. The $4.9
billion development is expected to produce up to 80,000 barrels of
oil a day.
Ivory Coast, which neighbors Ghana, had asked for the
international tribunal to force Ghana to suspend all exploration
and development in the disputed area.
Tullow wasn't immediately available to comment.
Write to Selina Williams at selina.williams@wsj.com
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