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 $320 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.

Chief Executive Officer Rahul Dhir comments: ‘We are delighted with the outcome and decision of the Tribunal, which affirms our assessment and removes a material overhang from our business. We have continuously had confidence in the sanctity of our petroleum agreements and the dispute resolution process, which has now brought certainty to all parties. I look forward to constructive discussions with the Government of Ghana to resolve the remaining claims so that our collective focus remains on maximising value from the Jubilee and TEN fields’.

Current stock price: 21.86 pence, up 2.0% on Thursday

12-month change: down 43%

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