Tullow Oil loses $196.5m tax dispute, shares drop
Tullow Oil confirmed it lost a tax dispute with Ghana at the International Chamber of Commerce, which ruled against the company regarding a $196.5m corporate income tax assessment on insurance proceeds received between 2016 and 2019.
Tullow said the International Chamber of Commerce tribunal had ruled against it in a brief update. 5m corporate income tax assessment on insurance proceeds received by Tullow between 2016 and 2019 did not breach the company’s petroleum agreements.