Report on Payments to Govts

RNS Number : 2164R

Petrofac Limited

26 June 2020

 

Press Release

Petrofac Limited

(the Company)

Reports on Payments to Governments for the year ended 31 December 2019.

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 2019 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, Mexico and Thailand in relation to operating oil and gas fields to which the business had an interest during the reporting period:

Year ended 31 December 2019

Malaysia
Project Report
	Taxes		Royalties2			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
PM304	-		145	10,155		424		10,579
2019 Total	-		145	10,155		424		10,579
Government Report
	Taxes		Royalties2			Fees		Total
			Volume  Value
	US$'0001		'000 bbls	US$'0001		US$'0001		US$'0001
PETRONAS	-		145	10,155		424		10,579
2019 Total	-		145	10,155		424		10,579

 

Mexico
Project Report
	Taxes		Royalties			Fees		Total
			Volume	Value
	US$'000		'000 bbls	US$'000		US$'000		US$'000
Petrofac Mexico	-		434	18,907		-		18,907
2019 Total	-		434	18,907		-		18,907
Government Report
	Taxes		Royalties			Fees		Total
			Volume	Value
	US$'000		'000 bbls	US$'000		US$'000		US$'000
National Hydrocarbons Commission	-		434	18,907		-		18,907
2019 Total	-		434	18,907		-		18,907

Thailand
Project Report
	Taxes3		Royalties			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'000		US$'000		US$'0001
Jasmine	1,064		-	-		-		1,064
2019 Total	1,064		-	-		-		1,064
Government Report
	Taxes3		Royalties			Fees		Total
			Volume	Value
	US$'0001		'000 bbls	US$'000		US$'000		US$'0001
The Revenue Department of Thailand	1,064		-	-		-		1,064
2019 Total	1,064		-	-		-		1,064

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 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. 

4. 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.

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

For further information contact:

Petrofac Limited 

[phone]

Jonathan Yarr, Head of Investor Relations

[e-mail]

Alison Flynn, Group Head of Communications

[e-mail] 

[phone]

Tulchan Communications Group

[phone]

[e-mail]

Martin Robinson

LEI 2138004624W8CKCSJ177

NOTES TO EDITORS

Petrofac

Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world's leading energy companies. Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world's evolving energy needs. Our six values - safe; ethical; innovative; responsive; quality & cost conscious; driven to deliver - are at the heart of everything we do.

Petrofac's core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 11,500 employees based across 31 offices globally.

Petrofac is quoted on the London Stock Exchange (symbol: PFC). 

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

 

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