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Tullow Pays USD250 Million to Settle Uganda Tax Dispute Out of Court

Tullow Oil has agreed to pay USD250 million to settle a tax dispute with the Ugandan government out of court, almost half of the sum the East African country had originally demanded in tax relating to a sale of oil licences.

Rigzone reports that Uganda ordered Tullow to pay USD473 million in capital gains tax following its USD3 billion sale of a 66.6 percent stake in various oil licences to France’s Total and China’s CNOOC in 2012.

“The settlement of this long-running dispute is good news for Tullow and Uganda,” said Tullow Chief Executive Aidan Heavey.

Source: Rigzone

 

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About the Author

Eng. Mathew Waita Mwenga is a Chemical/Mechanical Engineer with over 12 years’ experience in the industrial sector and petroleum industry. He has 6 years working for Atlas Copco Eastern Africa as a service engineer, aftermarket engineer, compressed air energy auditor and Rental manager. He has also spent 3 years working as a drilling solutions engineer in National Oilwell Varco an upstream oil and gas Equipment Company. Mathew is a Chartered engineer of the UK(Ceng) and a registered P.E of Kenya.