Tullow Archives - Wontumi Online

14 Mar

Tullow, Government Of Ghana To Agree Long-Term Gas Sales Deal

wontumionlineBusinessTullow

Tullow Oil plc has said it plans to agree a long-term gas sales agreement with the Government of Ghana covering both Jubilee and TEN fields in 2023. Announcing its 2022 full-year results, Tullow, an independent oil & gas, exploration and production group which is quoted on the London and Ghanaian stock exchanges and is a constituent of the FTSE250 index, said gross production from Jubilee is expected to increase to over 100 kbopd with four new wells at Jubilee South East and a further Jubilee producer onstream later this year. Mr Rahul Dhir, Chief Executive Officer, said: “2022 saw Tullow…

14 Feb

Tullow Refers Almost $300m Tax Dispute With GRA To International Arbitration

wontumionlineBusinessGRA, International Chamber of Commerce, petroleum agreements, Tullow

Tullow Oil Plc has announced that Tullow Ghana Limited (TGL) has filed requests for arbitration with the International Chamber of Commerce in London in respect of two disputed tax assessments received from the Ghana Revenue Authority (GRA). In a notice to investors, the oil giant said the assessments relate to the disallowance of loan interest deductions for the fiscal years 2010 – 2020 and proceeds received by Tullow Oil Plc under Tullow’s Corporate Business Interruption Insurance policy. The requests for arbitration have been filed in accordance with the dispute resolution process set out in the Petroleum Agreements which govern TGL’s…

08 Feb

Use Legal Means To Challenge Imposition Of Back-Tax – GRA To Multinational Companies

wontumionlineBusinessGoldFields, GRA, KOSMOS, MTN, Tullow

The Ghana Revenue Authority (GRA) is advising multinational companies contesting the imposition of the ‘back tax’ penalties to use internal systems designed to address the issues of tax dispute. The authority in recent exercise imposed ‘back tax’ penalties on MTN, Tullow, Goldfields and Kosmos Energy. The companies have all indicated their positions to contest the claims by the GRA. But answering some questions sent to the GRA by Joy Business, the authority said the companies have the right under the GRA Law to object to the tax imposition, after which the GRA will determine the case in 30 days. If…

02 Feb

GoldFields, Kosmos Dispute Tax Bills Imposed By GRA

wontumionlineBusinessback tax bills, GRA, KOSMOS, MTN, Tullow

Mining giant, Gold Fields Limited and oil giant Kosmos Energy Limited have joined Tullow Oil and MTN Ghana for disputing ‘back tax bills’ by the Ghana Revenue Authority (GRA). The two have however declined to give financial details. Gold Fields spokesman Sven Lunsche said in response to Bloomberg that “Ghana is clearly facing fiscal and economic challenges at the moment”. “We are hopeful that the government will not resort to unreasonable fiscal measures that will further imperil the challenges facing the corporate sector.” Gold Fields is in talks with the GRA to resolve the demand for back taxes from 2018 to 2020.…

12 Sep

We Have No Desire To Replace Indigenous Ghanaian Companies – Tullow Ghana

wontumionlineBusinessTullow

Tullow Ghana, an oil and gas exploration and production company, has affirmed its commitment to ensure indigenous Ghanaian participation in contracts awarded in accordance with the country’s local content and local participation regulations. The company said it had no desire to replace indigenous Ghanaian companies with foreign companies. In an official statement copied to the Ghana News Agency in Accra, on Friday, Tullow Ghana said from 2010 to date, it had awarded more than 4,000 contracts to indigenous companies. Additionally, almost 3,000 contracts had been awarded to joint venture companies, which included indigenous participation. “Out of the total contracts awarded…