Ghana Tax Dispute: Tullow Oil responds to US$196.5 million ICC ruling

Tullow Oil has expressed disappointment with an International Chamber of Commerce (ICC) arbitral tribunal’s decision concerning a corporate income tax assessment arising from its operations in Ghana.

According to the company, it will consider its next steps following the tribunal’s ruling and further engagement with the Government of Ghana.

In a notice to investors and shareholders on September 30, 2026, Tullow said it was “disappointed” by the decision and would assess its options before announcing its next course of action.

Tullow ordered to pay US$393m after losing tax case against Ghana

“Tullow is disappointed that the Tribunal has come to this decision and will now consider next steps after further engagement with the Government of Ghana,” the company stated.

The dispute relates to a US$196.5 million Corporate Tax Assessment concerning proceeds received by Tullow under its business interruption insurance policy.

The company said it was aware of the ICC ruling, which addressed the taxation of the insurance proceeds received in connection with its operations in Ghana.

The tribunal found that the Ghana Revenue Authority’s tax assessment did not breach the contractual protections contained in Tullow’s Petroleum Agreements.

The tribunal also ruled that the assessment of 100% penalties falls outside the scope of the contractual protections provided under the Petroleum Agreements.

Tullow said it would engage further with the government before determining its next steps.

The company further indicated that it would update the market on its position in due course.

The ICC proceedings form part of a long-running tax dispute between Tullow and the Ghanaian authorities over the taxation of proceeds from the company’s business interruption insurance.

JKB/VPO

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