Tullow Oil — London-listed oil producer operating in Ghana with production averaging 35.7 thousand barrels per day in 2026, facing tax disputes with Ghana Revenue Authority.
Tullow Oil has recorded a loss after tax of US$101 million for the first half of 2026, slightly higher than the US$61 million loss recorded over the same period in 2025. …
The Arbitration for International Chamber of Commerce in London has ruled in favor of the Government against Tullow Oil over about US$400 million tax charge. …
The Arbitration for International Chamber of Commerce in London has ruled in favor of the Government against Tullow Oil over about US$400 million tax charge. …
Tullow Oil has described the decision by the International Chamber of Commerce in London over its corporate income tax assessment covering its operations in Ghana from 2016 to 2019 as disappointing. …
… GCB Bank followed with GH¢12.75 million, while Tullow, Kasapreko and Enterprise Group were also among the five most actively traded stocks by value. …
… Parliament has also ratified extensions to Tullow Oil’s petroleum agreements covering the West Cape Three Points and Deep Water Tano blocks, allowing operations at the Jubilee and TEN fields to continue until December 31, 2040. …
… Tullow Oil, another extractives-related listing, also recorded no share-price movement on the GSE despite reporting a strong operational and financial performance in the first five months of 2026. …
… He said offshore developments led by partners including Tullow Oil, Kosmos Energy, Eni, Vitol and Ghana National Petroleum Corporation have transformed Ghana’s energy landscape over the past decade. …
Tullow Oil recorded a loss after tax of US$101 million in the first half of 2026, driven primarily by refinancing costs, despite generating US$495 million in revenue and achieving net production of 35.7 thousand barrels of oil per day. The company's turnaround strategy is showing progress, with improved production from new wells and enhanced FPSO uptime and optimisation activities.
Tullow Oil recorded a loss after tax of US$101 million in the first half of 2026, driven primarily by refinancing costs, despite generating US$495 million in revenue and achieving net production of 35.7 thousand barrels of oil per day. The company's turnaround strategy is showing progress, with improved production from new wells and enhanced FPSO uptime and optimisation activities.
An International Chamber of Commerce tribunal in London has ruled in favor of Ghana's Government against Tullow Oil over a US$400 million tax charge relating to loan interest deductions and corporate insurance issues. Though the tribunal upheld Ghana's action as lawful, it remains unclear whether the Government will enforce the ruling given potential impacts on Tullow's operations.
An international arbitration tribunal in London has ruled in favor of Ghana's Government against Tullow Oil over approximately US$400 million in tax charges related to loan interest deductions and corporate insurance. The tribunal found that Ghana's tax action by the Revenue Authority was within the law, rejecting Tullow's claim that it breached the Petroleum Agreement.
Tullow Oil says it is disappointed by an International Chamber of Commerce tribunal ruling that upheld Ghana Revenue Authority's US$196.5 million corporate tax assessment relating to the firm's operations from 2016 to 2019, finding the tax does not breach Tullow's Petroleum Agreements though ruling that penalty assessments of 100% fall outside contractual protections.
State-owned Ghana Gas plans to make a final investment decision by early next year on a $500 million, 278-kilometre West-East onshore pipeline project to transport gas from its processing plant in the west to industries in the southeast, CEO Judith Adjobah Blay said. The project aims to meet growing industrial demand and reduce reliance on the shared West African pipeline.
Ghana Stock Exchange activity surged last week with 34.59 million shares traded, up 130.2% from the previous week, and transaction value rising 77.8% to GH¢165.94 million. Despite the increase in trading liquidity, benchmark indices declined and market capitalisation fell 1.52%.
Ghana's crude oil production has declined for six consecutive years, falling from 71.44 million barrels in 2019 to 37.30 million barrels in 2025, according to an Institute for Energy Security report. The prolonged downturn, driven by ageing oil fields, limited upstream investment, and no new petroleum agreements since 2018, has caused total petroleum receipts to drop 43.27% from US$1.36 billion in 2024 to US$770.27 million in 2025.
The mining sector generated only GH¢2.91 million, or 0.09 percent of total value traded on the Ghana Stock Exchange between January and May 2026, despite record gold prices and favorable commodity market conditions. Only four mining-linked securities are listed on the GSE, all recording zero share-price appreciation during the period.
At the 2026 West Africa Gas Summit in Accra, officials and industry leaders said regional gas integration requires stronger commercial frameworks and private investment to lower energy costs and support industrialisation across West Africa. The West African Gas Pipeline, which transports gas from Nigeria to Ghana, Togo and Benin, demonstrates successful regional cooperation that could be expanded further.
London-listed Tullow Oil posted an 87% annual profit slump to $7 million, citing lower production and delayed payments from the Ghana government. The company's production averaged 40.4 kboepd in 2025, down from 51.5 kboepd the prior year, and it is undertaking a capital overhaul including non-core asset sales to steady operations across West Africa.