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

The International Arbitration Tribunal has ruled in favor of Ghana in the Eni & Vitol vs. Ghana and Ghana National Petroleum Corporation (GNPC) case, rejecting Eni and Vitol's claims for $915 million in damages.

All claims against GNPC were dismissed. The Tribunal found that while Ghana's Unitisation Directives breached the Petroleum Agreement, they affirmed Ghana's sovereign right to unitise oil fields. Each party was ordered to pay their own legal fees.

Attorney-General Godfred Yeboah Dame expressed satisfaction with the ruling, highlighting Ghana's regulatory adherence and commitment to contesting international arbitration claims to protect the country's financial interests.

Read full article