We are committed to transparency, both in the way we run our business and in our disclosure of payments to major stakeholders.
Disclosure of Production Sharing Agreements
Tullow supports disclosure of Production Sharing Agreements, but will only publish these with the express support and agreement of our Government partners. Our Petroleum Agreements for the Deep Water Tano Contract Area and the West Cape Three Points Contract Area can be read here. These Agreements have been published at the request of, and with the approval of, the Government of Ghana.
In particular, we believe transparent disclosure of tax payments helps governments, citizens and international opinion formers to debate how wealth from oil resources should be managed sustainably and equitably. That is why we have disclosed our tax payments for the past three years, ahead of EU and UK legislation.
Our Report in respect of payments made to governments for the year ended 31 December 2016 in accordance with the UK Reports on Payments to Governments Regulations 2014 can be found here.
Tullow works to ensure that we pay our taxes in the jurisdictions in which our activities are undertaken in accordance with the domestic tax law and applicable production sharing agreements. Within this, we seek to benefit from incentives and reliefs offered by our host governments, enhancing our ability to generate value for all our stakeholders.
EITI support statement
Tullow is a corporate supporter of the Extractive Industries Transparency Initiative (EITI).
The EITI is a coalition of governments, companies and civil society, which adopts a multi-stakeholder approach to setting a global standard to promote transparency in the oil, gas and mining sectors. Tullow became a corporate supporter of EITI in May 2011 and we are actively involved in supporting countries that are implementing the EITI standard.
The goals of EITI are aligned with our goal of creating shared prosperity.
Our Tax payments through the oil life cycle
To help build awareness regarding the different stages at which capital is invested and revenues are received by host governments, we have published information which describes when the contractor, typically an international oil company (IOC), commits up-front capital investment to the exploration, appraisal and development phases. To learn more about our payments through the oil life cycle please click here.