Tullow Oil (TLW): Ghana tax disputes and receivables
This situation live
TLW Tullow Oil
20 Feb 2026 · Listed as 2026 catalyst · +30% until the next step
Resolution with the Government of Ghana on tax disputes and receivables, with a payment security mechanism for all gas receivables to strengthen cash flow visibility;
20 Feb 2026 · Gas payment security mechanism agreed for Jubilee · +30% until the next step
Furthermore, a gas payment security mechanism and heads of terms for the potential supply of gas from the TEN fields has been agreed with the Government of Ghana.
28 Apr 2026 · Gas payment security agreed; receivables outstanding · +11% until the next step
Government of Ghana receivables at the end of 2025 were c.$225 million net to Tullow (pre-tax), with c.$65 million related to cash calls, c.$110 million related to gas payments and c.$50 million relat
5 Aug 2026 · Recoverability progressing, still unresolved · +49% until the next step
progress on recoverability of Government of Ghana receivables
28 Sep 2026 · Historic gas receivables recovered · −52% until the next step
Recovery of $73 million pre-2026 gas receivables due from the Government of Ghana has been achieved during the first half of 2026. The remaining historic gas receivable has been recovered as of 28 Sep
28 Sep 2026 · Historic gas receivables recovered · −52% until the next step
Recovery of $73 million pre-2026 gas receivables due from the Government of Ghana has been achieved during the first half of 2026. The remaining historic gas receivable has been recovered as of 28 Sep
30 Sep 2026 · ICC award against Tullow, 30 Sep 2026 · +4% since
Tullow is disappointed that the Tribunal has come to this decision and will now consider next steps after further engagement with the Government of Ghana. An update will be provided in due course.
Ghana tax disputes and receivables
ICC award against Tullow, 30 Sep 2026
Next: Tullow to decide next steps after engaging Government of Ghana
Every step · 7
- 20 Feb 2026 Listed as 2026 catalyst – Resolution with the Government of Ghana on tax disputes and receivables, with a payment security mechanism for all gas receivables to strengthen cash flow... ↗
- 20 Feb 2026 Gas payment security mechanism agreed for Jubilee – Furthermore, a gas payment security mechanism and heads of terms for the potential supply of gas from the TEN fields has been agreed with the Government of Ghana. ↗
- 28 Apr 2026 Gas payment security agreed; receivables outstanding – Government of Ghana receivables at the end of 2025 were c.$225 million net to Tullow (pre-tax), with c.$65 million related to cash calls, c.$110 million... ↗
- 5 Aug 2026 Recoverability progressing, still unresolved – progress on recoverability of Government of Ghana receivables ↗
- 28 Sep 2026 Historic gas receivables recovered – Recovery of $73 million pre-2026 gas receivables due from the Government of Ghana has been achieved during the first half of 2026. The remaining historic... ↗
- 28 Sep 2026 Historic gas receivables recovered – Recovery of $73 million pre-2026 gas receivables due from the Government of Ghana has been achieved during the first half of 2026. The remaining historic... ↗
- 30 Sep 2026 ICC award against Tullow, 30 Sep 2026 – Tullow is disappointed that the Tribunal has come to this decision and will now consider next steps after further engagement with the Government of Ghana.... ↗
What is happening
Tullow Oil: Ghana tax disputes and receivables – ICC award against Tullow, 30 Sep 2026. ['ICC award against Tullow, 30 Sep 2026']
- In short
- On 30 Sep 2026 the ICC Tribunal ruled that Ghana's $196.5m corporate income tax assessment on 2016-2019 Business Interruption insurance proceeds does not breach Tullow's Petroleum Agreements. It also held the 100% penalties outside the agreements' contractual protections. Tullow is disappointed and will consider next steps after engaging the Government of Ghana.
- Announced
- 20 Feb 2026 · Listed as 2026 catalyst
- Latest
- 30 Sep 2026 · ICC award against Tullow, 30 Sep 2026
- Update 5 Aug 2026
- Progress on recoverability cited in the guidance upgrade; no amount stated
- H1 recovery
- $73 million pre-2026 gas receivables recovered in first half 2026
- Remaining historic gas
- Recovered as of 28 September 2026
- Forum
- International Chamber of Commerce (ICC) Tribunal; award delivered, announced 30 September 2026
- Amount at stake
- $196.5 million corporate income tax assessment, plus penalties of 100%
- Period
- Proceeds received in financial years 2016 to 2019 under Business Interruption insurance policy
- Ruling
- Assessment not in breach of Petroleum Agreements; penalties outside contractual protections
- Next milestone
- Next steps after further engagement with the Government of Ghana; update in due course
What comes next
Tullow to decide next steps after engaging Government of Ghana.
Briefing
Tullow Oil in 5 minutes
Tullow is an oil producer that now depends almost entirely on two offshore fields in Ghana, Jubilee and TEN. After a run of Jubilee underperformance, it sold its Gabon and Kenya assets in 2025 and refinanced $1.3bn...
- Act 1Debt paid down, then Jubilee disappoints
- Act 2Selling Gabon and Kenya to cut debt
- Act 3Licences to 2040, a new debt deal and a new board
From the company's own announcements. Not investment advice.
Also at Tullow Oil 3 open
Project milestonesJubilee drilling and seismic programme – 2025-26 campaign complete; Campaign 2 contracted
Large acquisition / reverse takeoverTEN FPSO acquisition – SPA signed; completion expected end Q1 2027
Sale process / strategic reviewAsset value-maximisation process – Board sub-committee to be formed post-closing
Insider conviction3 directors buying – £215k in 3 buys · closed
Balance-sheet stress / refinancingRefinancing of 2026 notes – Refinancing completed 27 April 2026 · closed
Tullow Oil – company page →