ICC Tribunal exempts Tullow Oil from $320m tax on Ghana operations [Yahoo! Finance]
TULLOW OIL PLC UNSP/ADR (TUWOY)
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Source: Yahoo! Finance
Commerce (ICC) Tribunal, determining that the BPRT does not apply to operations including the Deepwater Tano and West Cape Three Points Petroleum Agreements offshore Ghana. This decision relieves Tullow of the $320m (£256.34m) BPRT assessment issued by the Ghana Revenue Authority (GRA) and eliminates future BPRT liabilities under these agreements. The Tribunal's award signifies that Tullow's operations, including the Jubilee and TEN fields offshore Ghana, are not encompassed by the BPRT tax regime outlined in the Petroleum Agreements. Consequently, Tullow's obligation to pay the BPRT assessment has been nullified, providing financial relief and clarity of the company's tax position. Tullow CEO Rahul Dhir said: “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
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