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Ghana wins $393m tax arbitration against Tullow Oil
An International Chamber of Commerce (ICC) tribunal has ruled in favor of Ghana in a major tax dispute against Tullow Ghana Limited. The tribunal upheld a tax assessment by the Ghana Revenue Authority (GRA) totaling US$393,091,993.70.
The dispute centered on the taxation of business interruption insurance proceeds received by Tullow between 2016 and 2019. The tribunal determined that the assessment did not breach existing Petroleum Agreements, that the 100% penalty was properly applied and fell outside contractual protections, and that the GRA’s enforcement actions were lawful.
Tullow Oil expressed disappointment with the decision and stated it is considering next steps following further engagement with the Ghanaian government. Meanwhile, the Ghana Revenue Authority indicated it will work with Tullow to resolve the matter amicably to avoid disrupting operations in the Jubilee and TEN oil fields.
Entities
Cassiel Ato Forson · Ghana · Ghana Revenue Authority · International Chamber of Commerce · Tullow Oil
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The Ghana Revenue Authority intends to work with Tullow to resolve the dispute amicably. www.gbcghanaonline.com
- [● 6 SOURCES] An International Chamber of Commerce (ICC) tribunal ruled in favor of Ghana in a tax dispute with Tullow Ghana Limited. abcnewsgh.com · onuaonline.com · opemsuo.com · www.adomonline.com · ghanaguardian.com · +1 more
- [● 6 SOURCES] The dispute concerned the taxation of business interruption insurance proceeds received between 2016 and 2019. abcnewsgh.com · onuaonline.com · opemsuo.com · www.adomonline.com · ghanaguardian.com · +1 more
- [● 6 SOURCES] The tribunal found that the tax assessment did not breach existing Petroleum Agreements. abcnewsgh.com · onuaonline.com · opemsuo.com · www.adomonline.com · ghanaguardian.com · +1 more
- [● 3 SOURCES] The ruling involves the Jubilee and TEN oil fields. abcnewsgh.com · opemsuo.com · thechronicle.com.gh
- [● 4 SOURCES] Tullow Oil expressed disappointment with the decision and is considering next steps. ghananewss.com · onuaonline.com · 3news.com · ghanaguardian.com
- [● 2 SOURCES] The tribunal ruled that the 100% penalty imposed by the GRA was properly applied and fell outside contractual protection. onuaonline.com · ghanaguardian.com
- [● 6 SOURCES] The tribunal upheld a tax assessment of US$393,091,993.70 by the Ghana Revenue Authority (GRA). abcnewsgh.com · onuaonline.com · opemsuo.com · www.adomonline.com · ghanaguardian.com · +1 more