Petroleum Africa
Find us on: 
Friday, July 18, 2014
Tullow Oil Corp. reported that it plans to challenge a Ugandan tax tribunal decision ordering it to pay a $407 million tax bill in related to its sale in 2012 of a portion of its stakes in the East African country. The company said it has already paid $142 million of the overall bill, which relates to its disposal of stakes in Ugandan oil fields to CNOOC and Total.
“Tullow believes that the (Tax Appeals Tribunal) has erred in law and Tullow will challenge the EA2 assessment through the Ugandan courts and international arbitration,” Tullow said in a statement. It added that it still hopes it can resolve the matter through further negotiations with the government.
Aidan Heavey, the company chief executive, revealed that the tribunal ignored an agreement signed with Uganda’s former energy minister and that this agreement was partly why over the last 10 years the company had spent $2.8 billion exploring for oil. “This money was spent by Tullow on the understanding that our contracts with the government, which contained important incentives to invest that were vital at a time when no oil had been discovered in Uganda, would be honored,” Heavey said.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
