• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Eni-Springfield unitisation impasse will be resolved amicably – Prez Akufo-Addo

4 years ago
in Business, Editor's pick, Energy, highlights, Home, home-news, latest News
2 min read
0 0
0
64
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Eni-Springfield unitisation impasse will be resolved amicably – Prez Akufo-Addo

President Akufo-Addo has said the ongoing unitisation impasse between Italian oil major, Eni SPA and Ghanaian oil firm, Springfield Exploration and Production will be resolved amicably.

Speaking to Chiefs present at the Western Regional House of Chiefs on his tour of the region, the President said, “I’m still very upset that at the end of day, the matter that we were having discussions on has become the subject of notice of arbitration.”

“This matter should be settled and I will do my possible best to resolve it,” the President said.

ENI a week ago filed a lawsuit at the International Tribunal in London, United Kingdom, to challenge the unitisation of its Sankofa oil field with that of Springfield’s Afina oil field as per a directive issued by Ghana’s Ministry for Energy.

In a statement filed on behalf of the oil major by three renowned lawyers namely Craig Tevendale, Andrew Cannon and Charlie Morgan from Herbert Smith Freehills LLP, Eni is seeking five reliefs from the Tribunal.

Per the reliefs, ENI wants the Tribunal to declare that the purported 9th April Directive, 14th October Directive, 6th November Directive and any other steps taken to implement those directives represent a breach of contract under the Petroleum Agreement.

RelatedPosts

NorvanReports@5 – Reflections of the First Employee

Can Ghana’s “Big Push” Learn from the GIIF Model?

Guinea-Bissau, IMF Reach Staff-Level Agreement on Ninth ECF Review

The claimant also wants the Tribunal to declare that the respondents take no further action to implement the purported unitisation of the Sankofa Field and Afina Discovery on the terms of the purported 14th October Directive, the Draft Unitization and Unit Operating Agreement (UUOA) sought to be imposed by purported November Directive or otherwise.

The third relief the claimant is seeking is an order that the respondent pays damages in an amount to be quantified for the losses suffered by the claimant arising out of the respondent’s breaches of the petroleum agreement, Ghanaian law and International law on a joint and several bases.

Additionally, ENI is seeking an order that the respondent pays all of the costs and expenses of the arbitration including the fees and expenses of the claimant counsel and any witnesses and/or experts in the Arbitration, the fees and expenses of the Tribunal and the fees of the SCC on a joint and several bases and /or order such further or other relief as the tribunal may in its discretion consider appropriate.

ENI’s suit comes on the back of an earlier ruling by a Commercial High Court in Accra, Ghana on Friday, June 25, 2021, which ruled in favour of Springfield, the Ghanaian wholly onwed upstream firm.

In the aforementioned ruling, the Commercial High Court among other things demanded that Eni Ghana relinquish 30 percent of revenues accrued from the sale of crude oil from the Sankofa field and make monthly payments of approximately $40 million into an account agreed upon by both companies.

Tags: Energy MinistryEni-Springfield unitisation impasse will be resolved amicably - Prez Akufo-Addo
No Result
View All Result

Highlights

MPS Completes Phase 2 of Tema Port Expansion Project Cementing Ghana’s Role as West Africa’s Trade Hub

Domestic VAT Collections Rise 33.6% to GHS 8.31bn 

African Development Bank and Niger Sign $144.7 Million Agreement to Boost Energy Access, Economic Competitiveness and Resilience

Ghana’s Fifth IMF Review Nears Completion; $360m Disbursement Hinges on Outcome

EPA Boss Pegs Pilot Test of Nano-Based River Dechemicalisation Technology at $200,000

US-Based Engineer Questions Scientific Validity of EPA’s River Dechemicalisation Programme

Trending

Features

NorvanReports@5 – Reflections of the First Employee

October 6, 2025

NorvanReports@5 - Reflections of the First Employee Parvus sed potens – this popular saying, translated as “small...

Can Ghana’s “Big Push” Learn from the GIIF Model?

October 6, 2025

Guinea-Bissau, IMF Reach Staff-Level Agreement on Ninth ECF Review

October 6, 2025

MPS Completes Phase 2 of Tema Port Expansion Project Cementing Ghana’s Role as West Africa’s Trade Hub

October 6, 2025

Domestic VAT Collections Rise 33.6% to GHS 8.31bn 

October 6, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.