Energy

Tullow Oil seeks mediation in $387m Ghana tax dispute

The Irish-founded oil and gas exploration multinational has sought international arbitration in the matter

Tullow said in a statement that ‘’resolution through international arbitration will bring certainty, which is in the best interest of all stakeholders“

Tullow Oil is seeking arbitration over $387 million in tax assessments it received from Ghana, part of the cash-strapped government’s review of past payments by some of the West African nation’s largest companies.

Arbitration has been requested with the International Chamber of Commerce in London over two notices it received from the Ghana Revenue Authority (GRA), Tullow said on Tuesday in a statement.

The amount, plus penalties, breach the local unit’s rights under its petroleum ...