Summary

Introduction

This case concerns a dispute between Tullow Ghana Limited ("TGL" or "Claimant") and the Republic of Ghana ("Ghana" or "Respondenf') arising under two petroleum agreements:

(i) Petroleum Agreement dated 22 July 2004 relating to the "West Cape Three Points" block (the "WCTP Petroleum Agreement"); and

(ii) Petroleum Agreement dated 10 March 2006 relating to the "Deepwater Tano" block (the "DWT Petroleum Agreement") (hereinafter collectively referred to as the "Petroleum Agreements").

The dispute relates to the Ghana Revenue Authority's ("GRA") assessment of TGL's income tax liability for tax years 2016-2019 in the amount of USD 393,091,993.70, inclusive of penalty ("GRA Assessment"). The income tax and penalty components of the GRA Assessment were each in the amount of USD ("Income Tax Assessment" and "Penalty" respectively). TGL contends that the GRA Assessment constitutes a breach of the tax arrangements agreed under the Petroleum Agreements and requests for declaratory relief and payment of indemnity under the Petroleum Agreements. Ghana objects to the Tribunal's jurisdiction over TGL's claims for several reasons, while also refuting the merits of the claims.

This document is an original of the Final Award rendered in conformity with the Rules of Arbitration of the International Chamber of Commerce.

Arbitral Tribunal
Dr. Michael PRYLES AO PBM
Mr. J. Christopher THOMAS KC
Prof. Albert Jan VAN DEN BERG (President)