Tullow says engaging government over US$300m tax bill

Norwegian arbitration payment ($72m).

The oil trader reduced year-end net debt to $1.9bn from $2.1bn the year before, while capital and decommissioning expenditures were priced in at $354m and $72m respectively.

Looking ahead to this year, Tullow announced it will invest $400m over 2023, including $300m on its agship elds in Ghana and $90m in decommissioning projects.

Tullow expects to produce between 58,000 and 64,000 barrels per day, broadly in line with last year.

engage with the government of Ghana to resolve a dispute over a $ 300 million tax bill.

The oil producer revealed the tax bill from the Ghana Revenue Authority (GRA) its latest trading update ahead of its 2022 full-year results in March.

The company said it had received both revised and new tax assessments from the GRA to pay further tax on historical trading but it believes these are without merit.

"Cash taxes are expected to be in

$80/bbl) as historical capital allowances in Ghana will have been fully utilised in the rst quarter of 2023. Tullow has received both revised and new tax assessments from the Ghana Revenue Authority throughout 2022, with these assessments not resulting in an increase to the overall exposure previously disclosed," the trading update reads.

"Tullow believes these assessments are without merit and continues its active engagement