Ghana Court Orders Eni to Set Aside Part of Sankofa Revenues
Eni SpA and Vitol Group could lose a share of the proceeds from their offshore oil field in Ghana after resisting a government order to merge their asset with a domestic company’s neighboring field. A Ghanaian court ordered Eni, the field operator, and its joint venture partner to pay 30% of all revenues generated from their Sankofa field, which …
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Pay 30% revenue into escrow account – High Court orders Eni, Vitol
The Commercial Division of the Accra High Court has ordered the operators of the Sankofa Oil Field to preserve 30 per cent of all the revenues which will be accrued from the field until the final determination of a legal dispute relating to it. Per the order of preservation, the 30 per cent revenue must be …
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High Court orders oil giant Eni to pay 30% revenue into escrow account
A Commercial High Court has ruled in favour of Springfield Exploration & Production (SEP) Limited to freeze 30% of revenues received by Eni and Vitol from the sale of crude oil from the Sankofa field, which is operated by Eni Exploration and Production Ghana Limited and the subject matter of the ongoing unitization dispute between …
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Ghana Court Orders Oil Giant Eni to Pay 30% Revenue Into Escrow Account
Accra, Ghana//-A Commercial High Court sitting in Accra, ruled in favour of SEP’s application to freeze 30% of revenues received by Eni and Vitol from the sale of crude oil from the Sankofa field, which is operated by Eni Exploration and Production Ghana Limited and the subject matter of the ongoing unitization dispute between Eni …
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Breaking News: Ghana: High Court Orders ENI & Vitol To Set Aside 30% Of Oil Cash From Sankofa Oil Field Pending Final Determination Of Springfield E&P Case.
A Hight Court in the Republic of Ghana, West Africa, presided over by Justice Mariama Sammo (MS) has ordered Italian oil and gas firm, ENI and Vitol, to set aside 30 percent of oil proceeds from the Sankofa Field in an escrow account, pending the final determination of an application filed by Springfield E&P, a …
Oilfield unitisation: 30% of ENI Sankofa revenue to go into escrow, court rules
The court said its decision will protect interests owned by Springfield while allowing Sankofa to continue operating and ENI to cover cost A commercial court in Accra on Friday (25 June 2021) ruled that 30% of revenue from an ENI-operated oilfield be placed in an escrow account. Springfield, which operates the Afina oilfield neighbouring ENI’s …
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Ghana court rules against Eni in Springfield dispute
A Ghanaian court has awarded Springfield Exploration and Production a 30% share of revenues from Eni and Vitol’s Sankofa field as of today. Springfield, in a statement, said it expected the payment would be worth around $40 million per month. The two sides will keep the cash in an escrow account. The Commercial High Court …
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Part of Revenue from Eni’s Sankofa Field to Go into Escrow, Ghana Court Rules
A commercial court in Ghana on Friday ruled that 30% of revenue from an Eni-operated oilfield be placed in an escrow account, as requested by the local operator of an adjacent field in a dispute over the combination of the projects. Springfield, which operates the Afina oilfield neighboring Eni’s Sankofa field, had asked the court to preserve …
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Springfield becomes first Ghanaian energy company to produce oil in Ghana
A year after its significant discovery off the coast of Ghana, Springfield has once again made history by becoming the first homegrown energy company with oil production in the country following the unitization of the Sankofa and Afina Fields. The Government of Ghana declared the two fields unitized with Afina holding 54.545% of the combined …
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NATURAL GAS-SUPPORTING GHANA’S DEVELOPMENT
Accra, August 2020: The far-reaching implications of finding commercially viable quantities of oil and gas in deepwater drilling off Ghana was one of several topical issues explored by Kevin Okyere, CEO, Springfield Group, in an in-depth interview he gave recently to Oxford Business Group’s online broadcasting channel, Global Platform. Okyere told OBG that Springfield’s success last year …
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