Tullow Oil (OTCPK:TUWLF) (OTCPK:TUWOY) +11.6% in London trading after an international tribunal found it is not liable for a $320M tax assessment in Ghana, where its key oil assets are located. The International Chamber of Commerce ruled Ghana's branch profit remittance tax assessment "falls outside of the tax regime provided for in the petroleum

Tullow Oil said on Thursday the International Chamber of Commerce (ICC) 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.

The ICC Tribunal concluded that the Branch Profit Remittance tax (BPRT) does not apply to Tullow Ghana's operations under its Petroleum Agreements for the Deepwater Tano and West Cape Three Points blocks, which include the notable Jubilee and TEN fields offshore Ghana.

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Shares of Tullow Oil jumped over 14% on Friday after the West Africa-focused company was exempted from a $320 million tax on its Ghana operations. The International Chamber of Commerce (ICC) ruled that the Branch Profit Remittance Tax (BPRT) does not apply to the firm's operations in the Deepwater Tano and West Cape Three Points fields offshore Ghana,

“Tullow continues to engage with the Government of Ghana on two further disputed tax claims, which were referred to the ICC in February 2023, with the aim of resolving these disputes on a mutually acceptable basis,” the company said in a statement.

Tullow Oil shares soared on Friday after the London-listed firm revealed it would no longer have to pay a tax bill worth $320million (£258million).

Shares of Tullow Oil jumped over 14% today after the West Africa-focused oil company was exempted from a $320m tax on its Ghana operations.

Tullow Oil said on Thursday the International Chamber of Commerce (ICC) 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.