TULLOW has announced it paid the Government of Ghana a total of $313.5 million in taxes in 2014. The cash comprises both direct and indirect taxes.
Of the $313.5 million, $115 million went into income tax; $43.5 million went into withholding tax while $4.6 million and $3.8 million went into custom duties and Value Added Tax (VAT) respectively.
An amount of $63 million was paid for the TEN carry for Ghana National Petroleum Corporation (GNPC) while Tullow also paid $16.2 million in PAYE and national insurance.
The oil giant also paid $2.1 million for infrastructure improvement payments, $52,000 into license fees and $250,000 in training allowances. All these payments amounted to $249.5 million.
Tullow, which is the lead operator of the Jubilee field, says government received 658,000 barrels of oil as its production entitlement from the Jubilee field.
This, according to Tullow resulted in a payment of $64 million.
Commenting on the payments, Charles Darku, General Manager of Tullow Ghana Limited, said: “Tullow Ghana Limited is a responsible corporate citizen and we are committed to playing our full part in the national economy by paying all taxes which are due and declaring them publicly.
“With the TEN project due to deliver First Oil in mid-2016 and gas now flowing to the Atuabo gas plant for domestic consumption from Jubilee, Tullow is proud to be at the heart of Ghana’s growing energy sector.”
Tullow Ghana Limited (TGL) is a subsidiary of Tullow Oil plc, a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW).
The Group has interests in over 130 exploration and production licences across 22 countries which are managed as three regional business units: West & North Africa, South & East Africa and Europe, South America and Asia.
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