Payments to Government

Last updated: 25 October 2013

Material payments made to the Government of Ghana, 2012

This table represents payments or payments in kind made by Tullow to the Government of Ghana and the Ghanaian State Oil Company (GNPC) in 2012. It does not include payments made by Tullow's joint venture partners.

Type of Payment National Government Local Government Total
  1. Ghana royalties are calculated as 5% of Tullow net production in barrels of oil under the Deepwater Tano and West Cape Three Points Petroleum Agreements
  2. For illustrative purposes, we have calculated a notional $ value for royalties paid as barrels of oil using Tullow's realised oil price after hedging for 2012 of $108 per barrel
Royalties1 464,051 Boe with an approximate value of $50,118,0002   $50,118,000
Value of State/State Oil Company Production As a joint venture partner, the Ghana National Petroleum Corporation, the state oil company, received almost 3.6 million barrels of oil, equal to a 13.64% share of 2012 gross Jubilee production. This equates to an approximate value of $388 million.   $388,000,000
Profits/Income Tax $40,664,000   $40,664,000
Licence payments, Fees or Rental (other than routine, nominal administrative fees) Permit payments: $220,000
Takoradi Baycourt & Warehouse: $29,440
  $249,440
Profits/Dividends Paid to Government      
Bonus Payments and Training contributions GNPC training allowance: $250,000   $250,000
Other fiscal benefits to Government Withholding tax: $37,675,000
PAYE (Nationals & Expats): $13,614,000
VAT: $1,554,000
Ghana Maritime Authority – Naval Support: $432,000
  $53,275,000
Total     $532,556,440