Tullow Oil, a company with a primary focus on West Africa, announced on Thursday that the International Chamber of Commerce (ICC) has determined that the Branch Profit Remittance Tax (BPRT) is not applicable to its operations in the Deepwater Tano and West Cape Three Points fields, located offshore Ghana.
This ruling means that Tullow Oil will be exempt from a substantial assessment of $320 million related to the BPRT, as well as any potential future liabilities connected to this tax, according to the company’s statements. Reported by Arunima Kumar in Bengaluru, with editorial contributions from Shreya Biswas.
