Home NEWS Ghana triumphs in international arbitration as tribunal rejects $7bn Eni & Vitol...

Ghana triumphs in international arbitration as tribunal rejects $7bn Eni & Vitol claims

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The International Arbitration Tribunal has rendered its final decision in the Eni & Vitol versus Ghana and Ghana National Petroleum Corporation (GNPC) case, delivering a favorable outcome for Ghana.

Eni and Vitol’s claim for monetary damages, originally amounting to $7 billion but reduced to $915 million plus interest during the proceedings, was denied by the Tribunal. All claims against GNPC were completely dismissed.

Furthermore, the Tribunal rejected the Claimants’ request to declare that Ghana breached the Petroleum Agreement by failing to withdraw or prevent third-party reliance on the Unitisation Directives.

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Although the Tribunal acknowledged that the Unitisation Directives breached the Petroleum Agreement due to the circumstances under which they were issued, it upheld Ghana’s sovereign right to unitise oil fields for efficient resource exploitation.

In terms of costs, each party was ordered to bear its own legal fees and expenses since both Ghana and the Claimants partially prevailed in the arbitration.

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Attorney-General and Minister of Justice, Godfred Yeboah Dame, responded to the Award with a blend of satisfaction and caution. He expressed preference for a complete dismissal of claims against Ghana but welcomed the Tribunal’s rejection of compensation claims and the affirmation of Ghana’s sovereign rights.

Dame emphasized the need for adherence to regulatory frameworks in unitisation processes, underscoring the importance of future planning to navigate such disputes effectively.

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He reiterated Ghana’s commitment to vigorously defending against international arbitration claims, citing recent successes against other claims as examples of the country’s resolute stance.

The Tribunal’s decision stands as a significant victory for Ghana, reinforcing the importance of regulatory compliance while affirming the nation’s control over its natural resources.

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Sorkpor Joshua Rich (a.k.a. Choda/Dadabee) known in showbiz as Ghana Music Web is an Award Winning Blogger, Music Promoter, Graphic Designer, Hype Man and an Article Writer. Contact Info; Tel: +233 55 9185 379 / 20 4377 981 / 20 6260 899 Email: [email protected] /[email protected] / [email protected]

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