Tullow Oil announced that the International Chamber of Commerce (ICC) has ruled the Branch Profit Remittance Tax (BPRT) does not apply to its operations in Ghana’s Deepwater Tano and West Cape Three Points offshore fields.
As a result, the West Africa-focused energy company is exempt from the $320 million BPRT assessment and will not incur future liabilities related to this tax, which applies to profits remitted by foreign businesses to their parent companies abroad.
Tullow Oil stated it remains in discussions with the Ghanaian government to resolve two additional tax claims.