Tullow Oil PLC has secured a significant victory in its ongoing tax dispute with the Ghana Revenue Authority (GRA).
An International Chamber of Commerce (ICC) Tribunal has ruled that the Branch Profit Remittance Tax (BPRT) does not apply to Tullow Ghana’s operations under the Deepwater Tano and West Cape Three Points Petroleum Agreements, which govern the Jubilee and TEN offshore oil fields.
This ruling exempts Tullow Ghana from a $320 million BPRT assessment issued by the GRA and eliminates future BPRT liabilities for its operations under these agreements.
Tullow CEO Rahul Dhir expressed satisfaction with the tribunal’s decision, emphasizing that it affirms the company’s position and removes a significant financial burden.
While this dispute has been resolved, Tullow remains engaged in discussions with the Ghanaian government on two other tax-related issues.
The company remains committed to resolving these matters amicably and focusing on maximizing value from its operations in Ghana’s oil and gas sector.
