Extractive Activities: Payments to Governments

RNS Number : 0881T

Petrofac Limited

29 June 2018

 

Press Release

Petrofac Limited

(the Company)

Reports on Payments to Governments for the year ended 31 December 2017.

Petrofac today provides information in accordance with DTR 4.3A of the Financial Conduct Authority's Disclosure Rules and Transparency Rules in respect of payments made by the Company to governments for the year ended 31 December 2017 and in compliance with The Reports on Payments to Governments Regulations 2014 (SI 2014/3209).

The following schedules detail the payments made by, or to, Petrofac Limited and its subsidiary undertakings to, or from, the governments of Malaysia, Thailand and Tunisia in relation to operating oil and gas fields to which the business had an interest during the reporting period:

Year ended 31 December 2017

Malaysia
Project Report
	Taxes3		Royalties2			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
PM304	(587)		180	10,474		487		10,374
Berantai	2,515		-	-		-		2,515
2017 Total	1,928		180	10,474		487		12,889
Government Report
	Taxes		Royalties2			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
PETRONAS	-		180	10,474		487		10,961
The Inland Revenue Board of Malaysia	1,928		-	-		-		1,928
2017 Total	1,928		180	10,474		487		12,889

Thailand
Project Report
	Taxes4		Royalties			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
Jasmine	125		-	-		-		125
2017 Total	125		-	-		-		125
Government Report
	Taxes4		Royalties			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
The Revenue Department of Thailand	125		-	-		-		125
2017 Total	125		-	-		-		125

Tunisia
Project Report
	Taxes		Royalties			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
Chergui	1,151		-	661		-		1,812
2017 Total	1,151		-	661		-		1,812
Government Report
	Taxes		Royalties			Fees		Total Payments
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
Monsieur le Receveur des Finances du Lac	1,151		-	661		-		1,812
2017 Total	1,151		-	661		-		1,812

Notes:

1.   Payments made or received in local currencies are translated at the average exchange rate for the year.

2.   Certain royalty payments are made in kind, the value of which is calculated with reference to market rates at the time of the payment.

3.   Taxes with negative values represent receipts, which result from taxes overpaid in prior periods of account. Taxes payments are otherwise shown net of receipts, where relevant.

4.   Taxes withheld from income earned by the Petrofac Group have been included within the amounts listed as "Taxes" in the tables shown above, despite the fact that the amounts withheld were not directly paid to the government by the Petrofac Group.  This approach represents a more complete view of the taxes borne by Petrofac in Thailand. 

5.   In line with the UK Regulations, where a payment or a series or related payments have not exceeded £86,000, they have not been disclosed.

6.   No other businesses within the Petrofac Group are impacted by this legislation and its reporting requirements.

For further information contact:

Petrofac Limited      

[phone]

Jonathan Low, Head of Investor Relations

[e-mail]

Alison Flynn, Group Head of Communications

[e-mail] 

[phone]

Corporate and Financial PR

Tulchan Communications Group

85 Fleet Street

London EC4Y 1AE

[phone]

[e-mail]

Martin Robinson

LEI 2138004624W8CKCSJ177

NOTES TO EDITORS

Petrofac

Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).

Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil and gas assets.

With around 12,500 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.

For additional information, please refer to the Petrofac website at www.petrofac.com.

 

END

 

 

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