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Payments to Government

Last updated: 29 May 2012

Material payments made by Tullow to the Government of Ghana, 2011

This table does not include the Ghanaian Government/State Oil Company's share in production derived directly under the Deepwater Tano and West Cape Three Points Petroleum Agreements.

This table represents payments or payments in kind made by Tullow to the Government of Ghana and the Ghanaian State Oil Company (GNPC) in 2011. It does not include payments made by Tullow's joint venture partners.


  Net Tullow costs USD1
(unless otherwise shown)
Type of Payment Note National Government Local Government Total
  1. Figures are net to Tullow and denominated in US Dollars or Barrels of Oil.
  2. Royalties are calculated as 5% of Tullow net production in Barrels of Oil (BBLs) under the Deepwater Tano and West Cape Three Points Petroleum Agreements. For illustrative purposes only, the average price of a Barrel of BRENT CRUDE (as per Platts Oilgram) in 2011 was $113/barrel, but this does not indicate, and should not be used to calculate, the actual value of Barrels of Oil received by the Government of Ghana for its sale of Royalty Oil.
  3. In 2011 Tullow did not make any additional payment or delivery of barrels to the State (Ghana) or State Oil Company (GNPC). State production interests are derived directly under the applicable Petroleum Agreements.
  4. Income tax calculated at 35% of taxable income is zero for 2011. This takes account of Tullow's share of $4 billion initial investment which must be recovered from profits before payment of tax, thereby resulting in zero taxable income and nil company tax for 2011.
  5. Represents Tullow net equity share for Deepwater Tano and West Cape Three Points under Petroleum Agreement obligations.
Royalties 2 428,353 Barrels of Oil - 428,353 Barrels of Oil
Value of State/State Oil Company Production 3 - - -
Profits/Income Tax 4 - - -
Licence Payments, Fees or Rental (other than routine, nominal administrative fees) 5 $55,702 - $55,702
Profits/Dividends Paid to Government   - - -
Training Contributions 5 $168,247   $168,247
Other fiscal benefits to Government   - - -
TOTAL   $223,949 - $223,949 USD plus 428,353 Barrels of Oil