Summary

1. On 8th July, 2024, the International Arbitration Tribunal in the action instituted by Eni Ghana Exploration and Production Limited & Vitol Upstream Ghana Limited (collectively called "Claimants) against the Government of Ghana (Ghana) & Ghana National Petroleum Corporation (GNPC) issued its Final Award.

2. The Tribunal dismissed the Claimants' request that the Tribunal declare that Ghana breached the Petroleum Agreement by "refusing to withdraw or prevent reliance by third parties on the Unitisation Directives."

3. The Tribunal also dismissed the Claimants' request that Ghana notify the High Court, Court of Appeal and Supreme Court of Ghana that the Unitisation Directives were issued in breach of the Petroleum Agreement.

4. The Tribunal found that "in the circumstances in which they were issued," the Unitisation Directives breached the Petroleum Agreement, that is to say, the specific Unitisation Directives were contrary to the applicable regulations and thereby breached Article 26(2) of the Petroleum Agreement.

5. The Tribunal, however, affirmed Ghana's right or authority to unitise oil fields to achieve efficient exploitation of the deposits. This paves the way to unitise the Afina and Sankofa fields, or indeed any other oil fields, in accordance with the procedure prescribed by the laws of Ghana and the relevant Petroleum Agreements.

6. The Tribunal denied the Claimants all claims to monetary damages or compensation. The Claimants claimed Seven Billion United States Dollars (US$7 bn). This was subsequently reviewed to Nine Hundred and Fifteen Million United States Dollars (US$915 M) plus interest by the end of the proceedings. This was dismissed in its entirety.

7. The Tribunal also dismissed in their entirety the Claimants' claims against GNPC.

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• OGEL: ENI Ghana Exploration and Production Limited and Vitol Upstream Ghana Limited v The Republic of Ghana and Ghana National Petroleum Corporation (GNPC) - SCC Arbitration U2021-114 - Final Award - 8 July 2024
• TDM: ENI Ghana Exploration and Production Limited and Vitol Upstream Ghana Limited v The Republic of Ghana and Ghana National Petroleum Corporation (GNPC) - SCC Arbitration U2021-114 - Final Award - 8 July 2024