The tribunal also advised the two African nations to “pursue co-operation and refrain from any unilateral action that might lead to aggravating the dispute”.
te d’Ivoire had requested all work be stopped until the final verdict, expected in late 2017. Such a ruling would have been a massive blow to Tullow, owner of about half of the so-called TEN Project, which is located in the disputed waters.
Tullow released a statement today, noting ITLOS’ decision.
The company said work on the TEN continues and is 55 percent complete, with the project “within budget and on schedule with first oil expected in mid-2016”.
When the dispute between Côte d’Ivoire and Ghana was first brought before the Tribunal earlier in March, eight percent of Tullow’s valuation dropped on the day, while Goldman Sachs argued that a two-year suspension of work at TEN, as demanded by Côte d’Ivoire, would have wiped as much as 16 percent off Tullow’s value.