Tullow notes that the International Chamber of Commerce (ICC) today delivered the Tribunal\u2019s award with regard to the application of Branch Profit Remittance tax (BPRT) to its operations under the Deepwater Tano and West Cape Three Points Petroleum Agreements, offshore Ghana, which include the Jubilee and TEN fields. The Tribunal determined that BPRT is not applicable to Tullow Ghana since it falls outside of the tax regime provided for in the Petroleum Agreements.<\/p>\n\n\n\n
As a result of the Tribunal\u2019s 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\u00a0two 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.<\/p>\n\n\n\n