Shares in Tullow Oil have soared by more than 14% following a favourable ruling in a high-profile tax dispute with the government of Ghana. The International Chamber of Commerce (ICC) ruled in favour of the oil and gas company, cancelling a $320 million tax liability relating to Branch Profits Transfer Tax (BPRT).
Le différend portait sur l’application de la BPRT aux opérations de Tullow dans les champs pétroliers Jubilee et TEN, deux des principaux actifs offshore du Ghana. Ces sites sont essentiels à la production et aux revenus de l’entreprise dans ce pays d’Afrique de l’Ouest. La décision de la CCI a confirmé que cette taxe ne s’appliquait pas aux activités de Tullow dans ces domaines spécifiques, éliminant ainsi une charge financière majeure.
Depuis plusieurs années, Tullow Oil contestait cette demande d’impôt, qui remontait à des exercices antérieurs. L’issue favorable de cet arbitrage met fin à une longue période d’incertitudes fiscales, permettant à la société de se concentrer sur son développement sans la menace d’une pénalité fiscale écrasante.
Following the announcement, Tullow Oil rose to the top of the FTSE SmallCap Index, a significant relief after a 45% fall in its share value in 2024. The rebound reflects renewed investor confidence, emboldened by the company's ability to overcome significant challenges.
In a statement, Tullow Oil expressed its satisfaction with this decision and welcomed the collaboration with the Ghanaian authorities. The company also reaffirmed its commitment to resolving other tax disputes still under negotiation with the Ghanaian government.
Analysts believe that this victory could mark a real turning point for Tullow Oil, enabling it to consolidate its position in the energy market. With the tax uncertainty now behind it, the company can focus its efforts on maximising the value of its Ghanaian oil assets and exploring new opportunities.
Tullow has operated in Ghana for many years and remains a key player in the energy sector. The resolution of this tax dispute could strengthen its relationship with the local authorities and provide greater stability in its future operations.
Despite this success, two other tax disputes remain under negotiation. Tullow Oil is committed to continuing dialogue with the Ghanaian government to find mutually beneficial solutions.
Tullow Oil's arbitration victory and share price rise illustrate an important step in the company's recovery. With its foundations now strengthened, the company looks well positioned to get back on track and strengthen its presence in the global energy sector.