Tullow Oil says it is disappointed after losing a $393 million tax arbitration to Ghana at the International Chamber of Commerce (ICC) in London.
The tribunal on Tuesday, September 30, 2026, dismissed all claims by the oil firm and upheld in full, the Ghana Revenue Authority’s tax assessment covering its operations from 2016 to 2019.
The case relates to proceeds received by Tullow under its Business Interruption Insurance Policy.
Reacting in a notice to investors and shareholders shortly after the award, Tullow said the outcome of the trial leaves them with disappointment.
“Tullow is disappointed that the Tribunal has come to this decision and will now consider next steps after further engagement with the Government of Ghana,” the company stated, adding that it will in due course update the market on its next line of action.
According to the firm, it is aware of the ruling on the US$196.5 million Corporate Tax Assessment relating to proceeds received during its financial operations from 2016 to 2019.
It also acknowledged the tribunal’s finding that the GRA’s assessment does not breach Ghana’s Petroleum Agreements.
The tribunal also ruled that the 100% penalty imposed by the GRA falls outside the contractual protections in Tullow’s petroleum agreements.
The Finance Ministry earlier announced the victory, saying it vindicates Ghana’s position that every company operating in the country is subject to Ghanaian law.
Government says discussions are already underway with Tullow to resolve outstanding tax issues amicably, and will continue despite the award.
Ghana defeats Tullow in $393m tax arbitration case – Finance Ministry
