Tullow Oil has said the International Chamber of Commerce has ruled that the Branch Profit Remittance Tax (BPRT) does not apply to its operations in the Deepwater Tano and West Cape Three Points fields offshore Ghana.
As a result, west Africa-focused Tullow will not have to pay the $320 million BPRT assessment and will not face future BPRT liabilities, the company said.
BPRT is a tax on the profits that a foreign business makes in a country and then remits (transfers) back to its parent company abroad.
Tullow is still in discussions with the government of Ghana to resolve two other tax claims.
Last month the company announced that its chief executive Rahul Dhir will step down and also resign from the board in 2025.
