LONDON - Tullow Oil (LON:TLW) PLC has released its annual report on payments made to governments for the year ended December 31, 2024, adhering to the UK’s Reports on Payments to Governments Regulations and the Financial Conduct Authority’s Disclosure and Transparency Rules. The report, now available for public inspection, details the payments Tullow Oil has made to various governments where it operates.
The company’s consolidated report shows total payments amounting to $357.243 million in income taxes, $26.173 million in royalties, $878,000 in licence fees, and $2.321 million in infrastructure improvement payments. Notably, Tullow Oil’s operations in Ghana resulted in significant contributions, with $253.069 million in income taxes and $61.635 million in production entitlements, which are based on the Group’s 2024 average realized oil price of $76.40 per barrel.
In Gabon, the company reported $105.052 million in income taxes and $24.257 million in royalties. Meanwhile, Kenya saw royalty payments totaling $1.915 million and licence fees of $343,000. The report also includes payments made in Argentina and the UK, with Argentina receiving $458,000 in licence fees and the UK seeing a reduction of $878,000 in income taxes.
The disclosures by the company are part of its commitment to transparency in its financial dealings with governments. Tullow Oil’s report provides detailed information by licence and country, offering insights into the financial interactions between the oil company and the jurisdictions in which it operates.
The report’s availability for download from Tullow Oil’s website offers stakeholders, including investors and the public, the opportunity to scrutinize the nature and extent of the company’s payments to governments. This transparency is an essential aspect of corporate responsibility and governance, allowing for a clearer understanding of the economic impact of Tullow Oil’s activities in its operational territories.
The information provided in this article is based on a press release statement from Tullow Oil PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.