ModernGhana logo
29.05.2014 Business & Finance

Tullow Oil pays over 300 million dollars to government

Tullow Oil LogoTullow Oil Logo
Listen to article

Accra, May 29, GNA - Tullow Oil Ghana, paid more than 300 million dollars, including production entitlements in barrels of oil, to government in 2013.

The payments were Production entitlements of 812,000 barrels of oil, Income tax of 106.9 million dollars, Licence fees of 64,000 dollars,   and Infrastructure improvement payments of 5.95 million dollars.

The rest are Value Added Tax of 2.32 million dollars, Withholding tax of 61.01 million dollars, Pay As You Earn and NI:   14.73 million dollars, Carried Interest of 18.57 million dollars, Customs duties of   4.68 million dollars, and Training allowances of 250,000 pounds.

The figures were contained in a Report made available to the Ghana News Agency on Thursday by Akua Twumasi, External Communications, Tullow Ghana Limited.

The Report said in 2013, almost half of the   1.2 billion dollars that Tullow Ghana and its partners spent on supplies went to Ghanaian suppliers or international companies registered in Ghana.

It said 128 million dollars was spent with Ghanaian suppliers on behalf of the Jubilee and TEN partnerships, up from   69.2 million dollars in 2012; 430 million dollars was spent with international companies registered in Ghana, while 678.8 million dollars was spent with international companies on work relating to the Jubilee Field and TEN project.

The Report said   Tullow and its Partners in line with commitment to capacity building in Ghana in 2013 invested 600,000 dollars in 2013 and had committed 5 million dollars in total to the Government-led Enterprise Development Centre in Takoradi.

According to the Report, the centre supports small and medium-sized Ghanaian enterprises to better position themselves to take advantage of business opportunities within the Oil and Gas industry.

The Report said in 2013, the Jubilee Partners invested over five million dollars in the Jubilee Technical Training Centre, as part of their ongoing investment in the project.

It said the centre is the first vocational training polytechnic in West Africa to offer National Vocational Qualification accredited courses in technical subjects such as instrumentation, process, mechanical and electrical engineering.

According to the Report, Tullow sponsored over 1,400 people from 26 fishing communities in the Western Region, to receive training from the Jubilee Livelihood Enhancement and Enterprise Development project, one of the Social Investment projects being managed by Tullow on behalf of the Jubilee Partners in partnership with local NGO, Pyxera Global.

It noted that the week-long training covered subjects such as strategic business management, entrepreneurship development, soap making and oven and ice box construction.

The Report said as at December 31, 2013, Tullow employed 266 Ghanaians representing 87 per cent of Tullow Ghana's permanent staff.

It said of the company's senior leaders, Tullow Ghana's Executive Chairman, General Manager, Chief of Staff, Human Resources Manager, Finance Manager and Regional General Counsel are all Ghanaians.

Simon Thompson, Non-executive Chairman of Tullow Oil, in a comment said: 'Part of our responsibility is to try and create coalitions of interests, making people aware of the opportunities and challenges and building a common vision of the outcomes we all aspire to. This is why we publish a detailed Corporate Responsibility report every year.'

Aidan Heavey, Chief Executive of Tullow Oil, remarked that: 'Creating shared prosperity is a never-ending journey. I want Tullow to deliver year-on-year progress that continues to show how seriously we take our responsibilities.'


Join our Newsletter