Tullow Oil loses $196.5 million tax dispute against Ghana

By Reuters News

Sept 30 (Reuters) - Tullow Oil TLW.L said on Wednesday that an International Chamber of Commerce tribunal ruled against the London-listed producer in a $196.5 million tax dispute with Ghana, rejecting its claim that the assessment breached its petroleum agreements.

The tribunal found that Ghana's corporate income tax assessment on insurance proceeds received by Tullow between 2016 and 2019 did not violate the agreements, and that penalties equal to 100% of the assessment were not covered by their contractual protections.

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