Tullow Oil plc is a multinational oil and gas exploration company founded in Tullow, Ireland with its headquarters in London, United Kingdom.
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19 Facts About Tullow Oil
2.
Tullow Oil is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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3.
Tullow Oil listed its shares on the London Stock Exchange and Irish Stock Exchange in 1986 and the FTSE 100 index in September 2007.
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4.
In 2007, Tullow Oil drilled two deep water wells offshore Ghana discovering the massive Jubilee field.
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5.
Richard Inch, Head of Tax at Tullow Oil, firmly rejected the criticism whilst giving evidence in this case.
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7.
In March 2014, Tullow Oil was forced to invoke a force majeure clause on its oil production project offshore Guinea after the US Department of Justice and the Securities and Exchange Commission opened a corruption investigation into the firm's partner in the project, Hyperdynamics Corporation.
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8.
Court proceedings at London's High Court commenced after Tullow Oil sued Heritage Oil in a claim that it was forced to pay Heritage's $313 million tax bill after Tullow acquired Heritage's Ugandan assets.
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9.
However, in 2011, Tullow Oil complied with another URA demand for a further $313.
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10.
Tullow Oil signed a Sale and Purchase Agreement with TOTAL and CNOOC on 30 March 2011.
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11.
Graham Martin, Tullow Oil company secretary, responded firmly in court, saying this was an "outrageous suggestion".
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12.
The statement caused some controversy for the court case as he went on to claim within that Tullow Oil completed the tax payment in order to successfully transact business within the country, a claim that Tullow denied in court.
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13.
On 14 June 2013, it was announced that Tullow Oil won the arbitration of the court case with Heritage Oil.
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14.
In 2013, Platform London, an environmental campaigning group, released a report that alleged that Tullow Oil was avoiding UK tax by minimising the amount of profit that passes through the company's UK books and routing it through an international network of subsidiaries instead.
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15.
In December 2012, reports surfaced in the press that Tullow Oil was subject to arbitration with the government of Uganda at the International Centre for Settlement of Investment Disputes in the United States.
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16.
The dispute arose after value added tax was imposed on goods and services that Tullow purchased for its oil exploration work in the country.
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17.
On 11 April 2012, a Tullow Oil delegation appeared in front of an Ad Hoc committee of the Ugandan Parliament which was investigating these claims.
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18.
In July 2013, Tullow Oil was accused of dumping two trucks of human waste in Kakindo village in Western Uganda, causing serious health risks to locals and a number of diseases.
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19.
Tullow Oil claimed the entire responsibility lay with its contractors, who they believe were cutting corners.
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