Ghana announces victory in Tullow Oil tax arbitration

The Ghana government has announced a victory in an arbitration case against Tullow Oil Limited, according to a statement issued on September 30, 2026 by Finance Minister Dr Cassiel Ato Forson. The dispute arose over the taxation of business interruption insurance proceeds. The arbitral tribunal, established under the Rules of Arbitration of the International Chamber of Commerce, ruled in favor of Ghana on September 29, dismissing all claims brought by Tullow.

The tribunal upheld Ghana Revenue Authority's tax assessment of over $393 million, finding that it did not violate the Petroleum Agreements and that the penalty was correctly applied. The assessment was also deemed not time-barred and the Ghana Revenue Authority's enforcement action was deemed lawful. Dr Forson praised the work of the Office of the Attorney-General, Ghana Revenue Authority, and legal counsel Foley Hoag LLP in defending Ghana's interests.

He emphasized that this ruling vindicates Ghana's stance that all companies operating in the country, regardless of size, are subject to Ghanaian laws. The government stated that discussions with Tullow to resolve outstanding tax matters are ongoing and will be beneficial for both parties. Tullow remains Ghana's largest petroleum producer, and its operations in the Jubilee and TEN fields are crucial for the country's energy security, domestic gas supply, and livelihoods. The government stressed the importance of maintaining this vital partnership.