How Ghana triumphed over ENI, Vitol arbitration claims
By DL News
Published
1 min read
The Tribunal denied Eni and Vitol their monetary claims, initially valued at $7 billion and later reduced to $915 million plus interest.
The International Arbitration Tribunal has delivered its final verdict in the case of Eni & Vitol versus Ghana and the Ghana National Petroleum Corporation (GNPC), in favour of Ghana.
The Tribunal denied Eni and Vitol their monetary claims, initially valued at $7 billion and later reduced to $915 million plus interest. All claims against the GNPC were thus dismissed.
The Tribunal also rejected the Claimants’ request to declare that Ghana breached the Petroleum Agreement by not withdrawing or preventing reliance on the Unitisation Directives by third parties.
Furthermore, it dismissed the Claimants’ request for Ghana to inform its High Court, Court of Appeal, and Supreme Court that the Unitisation Directives violated the Petroleum Agreement.
Despite finding that the Unitisation Directives breached the Petroleum Agreement due to non-compliance with applicable regulations, the Tribunal affirmed Ghana's sovereign right to unitize oil fields for efficient resource exploitation.
Regarding legal fees and costs, the Tribunal ruled that both Parties would bear their expenses, as each had some degree of success.
In a statement, the Attorney General, Godfred Dame has affirmed his commitment to defend the state's natural resources by vigorously contesting all local and international arbitration claims actions against the Republic.
He has implored the general public to disregard false publications about the 'ENI/Vitol award."
