Tullow Oil Triumphs in Tax Dispute with Ghana

Tullow Oil has announced a victory as the International Chamber of Commerce ruled that the Branch Profit Remittance Tax does not apply to its operations in offshore Ghana fields. This decision exempts Tullow from a $320 million tax liability. Discussions with the Ghanaian government on other tax matters continue.

Tullow Oil reported on Thursday that the International Chamber of Commerce has delivered a favorable ruling regarding the Branch Profit Remittance Tax (BPRT) concerning its Ghana operations.

The ICC decision confirms that BPRT is not applicable to activities in the Deepwater Tano and West Cape Three Points fields. Consequently, Tullow Oil will avoid a $320 million BPRT liability.

Nevertheless, the company is still engaged in talks with the Ghanaian government over two additional tax issues.

(With inputs from agencies.)