2nd Jan 2025 20:18
Tullow Oil PLC - Africa-focused oil & gas exploration and production company - International Chamber of Commerce on Thursday determines that Branch Profit Remittance tax is not applicable to Tullow Ghana since it falls outside of the tax regime provided for in the petroleum agreements. This relates to Tullow's operations under the Deepwater Tano and West Cape Three Points Petroleum Agreements, offshore Ghana, which include the Jubilee and TEN fields. As a result of the award, Tullow Ghana is not liable to pay the USD320 million BPRT assessment issued by the Ghana Revenue Authority and will have no future exposure to BPRT in respect of its operations under the petroleum agreements. Tullow continues to engage with the Government of Ghana on two further disputed tax claims, which were referred to the ICC in February 2023, with the aim of resolving these disputes on a mutually acceptable basis. Read More
