Tullow Oil has described as disappointing the decision by the International Chamber of Commerce in London over its corporate income tax assessment covering its operations in Ghana from 2016 to 2019.
In a notice to investors and other shareholders, it said, “Tullow is disappointed that the Tribunal has come to this decision and will now consider next steps after further engagement with the Government of Ghana”.
It went on to state that it will in due course update the market in its next line of action.
According to the firm, it is aware of the International Chamber of Commerce ruling that has made an award with regard to the US$196.5 million Corporate Tax Assessment, relating to “proceeds received by Tullow Oil during its financial operations from 2026 to 2019, under its corporate Business Interruption Insurance Policy”.
It also acknowledges the court ruling, saying the Ghana Revenue Authority’s tax on its operations does not breach Ghana’s Petroleum Agreements.
The Tribunal also ruled that the assessment of penalties of 100% fall outside the scope of the contractual protections in Tullow’s Petroleum Agreements.
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