ICC Ruling Relieves Tullow Oil from Paying $320 Million Tax in Ghana

Tullow Oil, operating in West Africa, has been exempted from the Branch Profit Remittance Tax (BPRT) for its Ghana offshore fields. The International Chamber of Commerce ruled in favor of the company, freeing it from a $320 million tax assessment and preventing future BPRT liabilities.

The International Chamber of Commerce has delivered a significant ruling in favor of West Africa-focused Tullow Oil, relieving the company from a substantial tax obligation.

According to the ruling, the Branch Profit Remittance Tax (BPRT), which amounted to $320 million, is not applicable to Tullow Oil's operations in the Deepwater Tano and West Cape Three Points fields offshore Ghana.

This decision not only exempts Tullow Oil from the hefty tax assessment but also safeguards the company from any future BPRT liabilities, securing a more stable financial future for its Ghana operations.

(With inputs from agencies.)