Tullow Refers Disputed Tax Claims to International Arbitration in London
Tullow Oil plc (Tullow) announces that Tullow Ghana Limited (TGL) has filed requests for arbitration with the International Chamber of Commerce in London in respect of two disputed tax assessments received from the Ghana Revenue Authority (GRA).
The assessments relate to the disallowance of loan interest deductions for the fiscal years 2010 – 2020 and proceeds received by Tullow Oil plc under Tullow’s corporate Business Interruption Insurance policy. The requests for arbitration have been filed in accordance with the dispute resolution process set out in the Petroleum Agreements which govern TGL’s activities in Ghana. A copy of the Petroleum Agreements can be viewed on the website of the Ghana Petroleum Register.
Tullow considers that the two disputed tax assessments, which total $387 million plus penalties, breach TGL’s rights under its Petroleum Agreements. Tullow’s decision to file for arbitration on these matters does not result in any change to the overall exposure previously disclosed.
Tullow believes that resolution through international arbitration will bring certainty, which is in the best interest of all stakeholders. Notwithstanding this formal step, Tullow intends to continue to engage with the Government of Ghana, including the GRA, with the aim of resolving these disputes on a mutually acceptable basis.
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