TIDMENQ
RNS Number : 9268J
EnQuest PLC
29 April 2022
ENQUEST PLC, 29 APRIL 2022
Reports on Payments to Governments for the Year ended 31
December 2021
This report provides information in accordance with DTR 4.3A in
respect of payments made by the Company to Governments for the year
ended 31 December 2021 and in compliance with the Reports on
Payments to Governments Regulations 2014 (SI 2014/3209).
This report is available to download from:
https://www.enquest.com/environmental-social-and-governance/governance/business-conduct
Basis of preparation
The payments disclosed, which are on a cash basis, are based on
where the obligation for the payment arose (i.e. at a project or
corporate level). Where a payment or a series of related payments
do not exceed GBP86,000, they are not required to be disclosed
under the UK Regulations, however this has been disclosed in
aggregate at a corporate level for clarity over obligations.
All of the payments disclosed in accordance with the Directive
have been made to national Governments, either directly or through
a Ministry or Department of the national Government, with the
exception of the Malaysian payments in respect of production
entitlements, supplementary payments, royalties, research CESS and
education commitment payments which are paid to PETRONAS (
Petroliam Nasional Berhad, the National Oil Company of
Malaysia).
Project/entity Production Licence Research Supplementary
name Licence entitlements Taxes Royalties fees CESS payments TOTAL
mboe $'000 $'000 $'000 $'000 $'000 $'000 $'000
----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Kraken &
Kraken North P1077 - - - - 618 - - 618
--------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
P1765
Alma & Galia & P1825 - - - - 19 - - 19
--------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Heather & P242
Broom & P902 - - - - 268 - - 268
--------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Greater
Kittiwake P73
Area & P238 - - - - 240 - - 240
--------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Dons (including P236,
Ythan & P1200
Conrie) & P2137 - - - - 719 - - 719
--------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Thistle & P236
Deveron & P475 - - - - 170 - - 170
--------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Scolty & P1107
Crathes & P1617 - - - - 537 - - 537
--------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
P193
Magnus & P2599 - - - - 435 - - 435
--------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
P234,
P493,
P920
Bressay & P977 - - - - 283 - - 283
--------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Corporate - - 8,299 - 179 - - 8,477
----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Total United Kingdom - - 8,299 - 3,467 - - 11,766
----- -------- ------- ---------- ------------------- --------- -------------- -------------------
PM-8E 540 35,314 - 1,561 - 430 5,143 42,448
--------------------------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Corporate - - 9,099 - - - - 9,099
--------------------------- ----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Total Malaysia 540 35,314 9,099 1,561 - 430 5,143 51,547
----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Total Group 540 45,314 17,398 1,561 3,467 430 5,143 63,313
----- -------- ------- ---------- ------------------- --------- -------------- -------------------
Project/entity
name Production Licence Research Supplementary
Licence entitlements Taxes Royalties fees CESS payments TOTAL
mboe $'000 $'000 $'000 $'000 $'000 $'000 $'000
------ -------- ------- ---------- -------- --------- -------------- -------
HM Revenue and
Customs - - 8,299 - - - - 8,299
------ -------- ------- ---------- -------- --------- -------------- -------
Department of
Business, Energy
and Industrial
Strategy - - - - 3,467 - - 3,369
------ -------- ------- ---------- -------- --------- -------------- -------
Total United
Kingdom - - 8,299 - 3,467 - - 11,766
------ -------- ------- ---------- -------- --------- -------------- -------
PETRONAS 540 35,314 - 1,561 - 430 5,143 42,448
------ -------- ------- ---------- -------- --------- -------------- -------
Malaysian Inland
Revenue Board - - 9,099 - - - - 9,099
------ -------- ------- ---------- -------- --------- -------------- -------
Total Malaysia 540 35,314 9,099 1,561 - 430 5,143 51,547
------ -------- ------- ---------- -------- --------- -------------- -------
Total Group 540 35,314 17,398 1,561 3,467 430 5,143 63,313
------ -------- ------- ---------- -------- --------- -------------- -------
Production entitlements expressed in barrels
This includes non-cash royalties and state non-participating
interest paid in barrels of oil or gas out of EnQuest's working
interest share of production in a licence. The figures disclosed
are produced on an entitlement basis rather than a liftings basis.
It does not include the Government's or National Oil Company's
working interest share of production in a licence. Production
entitlements are assessed on a quarterly basis and are valued at
the price used to determine entitlement under the terms of the
production sharing contract.
Taxes
This represents cash tax calculated on the basis of profits
including income or capital gains. Income taxes are usually
reflected in corporate income tax returns. The cash payment of
income taxes occurs in the year in which the tax has arisen or up
to one year later. Income taxes also include any cash tax rebates
received from the Government or revenue authority during the year
and excludes fines and penalties.
Royalties
This represents cash royalties paid to Governments during the
year for the extraction of oil or gas. The terms of the royalties
are described within our Production Sharing Contracts ('PSC') and
can vary from project to project within one country. Royalties paid
in kind have been recognised within the production entitlements
category.
Licence fees
This represents total, rather than working interest share of,
licence fees, rental fees, entry fees and other levies or
consideration for licences and/or concessions paid for access to an
area during the year (with the exception of signature bonuses which
are captured within bonus payments if applicable).
Research CESS
Research CESS payments are contractual amounts due under the
PM-8E PSC, and are based on EnQuest's entitlement to production.
These payments are made to PETRONAS.
Supplementary payments
Supplementary payments are required under the PM-8E PSC and are
based on EnQuest's entitlement to profit oil and profit gas. These
payments are made to PETRONAS.
Ends
For further information, please contact:
EnQuest PLC Tel: +44 (0)20 7925 4900
Ian Wood (Head of Communications and Investor Relations)
Craig Baxter (Senior Investor Relations and Communications
Manager)
Tulchan Communications Tel: +44 (0)20 7353 4200
Martin Robinson
Harry Cameron
Notes to editors
ENQUEST
EnQuest is providing creative solutions through the energy
transition. As an independent production and development company
with operations in the UK North Sea and Malaysia, the Group's
strategic vision is to be the operator of choice for maturing and
underdeveloped hydrocarbon assets by focusing on operational
excellence, differential capability, value enhancement and
financial discipline.
EnQuest PLC trades on both the London Stock Exchange and the
NASDAQ OMX Stockholm.
Please visit our website www.enquest.com for more information on
our global operations.
Forward-looking statements: This announcement may contain
certain forward-looking statements with respect to EnQuest's
expectations and plans, strategy, management's objectives, future
performance, production, reserves, costs, revenues and other trend
information. These statements and forecasts involve risk and
uncertainty because they relate to events and depend upon
circumstances that may occur in the future. There are a number of
factors which could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements and forecasts. The statements have been made with
reference to forecast price changes, economic conditions and the
current regulatory environment. Nothing in this announcement should
be construed as a profit forecast. Past share performance cannot be
relied upon as a guide to future performance.
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