TIDMENQ
RNS Number : 6160D
EnQuest PLC
22 June 2023
ENQUEST PLC, 22 June 2023
Reports on Payments to Governments for the Year ended 31
December 2022
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 2022 and in compliance with the Reports on
Payments to Governments Regulations 2014 (SI 2014/3209) as well as
the Act on Reporting of Payments to Governments (Sw. lagen om
rapportering av betalningar till myndigheter) .
This report is available to download from:
https://www.enquest.com/environmental-social-and-governance/governance/business-conduct
This report will also be made available on the National Storage
Mechanism and filed with the Swedish Companies Registration Office
and the Swedish Financial Supervisory Authority.
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 - - - - 528 - - 528
--------- ----- -------- ------- ---------- ----------------- --------- -------------- -----------------
Greater
Kittiwake P73
Area & P238 - - - - 200 - - 200
--------- ----- -------- ------- ---------- ----------------- --------- -------------- -----------------
Scolty & P1107
Crathes & P1617 - - - - 500 - - 500
--------- ----- -------- ------- ---------- ----------------- --------- -------------- -----------------
P193
Magnus & P2599 - - - - 422 - - 422
--------- ----- -------- ------- ---------- ----------------- --------- -------------- -----------------
P234,
P493,
P920
Bressay & P977 - - - - 393 - - 393
--------- ----- -------- ------- ---------- ----------------- --------- -------------- -----------------
Bentley P1078 - - - - 1,614 - - 1,614
--------- ----- -------- ------- ---------- ----------------- --------- -------------- -----------------
Corporate - - 35,231 - 333 - - 35,564
----- -------- ------- ---------- ----------------- --------- -------------- -----------------
Total United Kingdom - - 35,231 - 3,990 - - 39,221
----- -------- ------- ---------- ----------------- --------- -------------- -----------------
PM-8E 770 77,843 - 2,113 - 829 29,765 110,550
--------------------------- ----- -------- ------- ---------- ----------------- --------- -------------- -----------------
Corporate - - 14,062 - - - - 14,062
--------------------------- ----- -------- ------- ---------- ----------------- --------- -------------- -----------------
Total Malaysia 770 77,843 14,062 2,113 - 829 29,765 124,612
----- -------- ------- ---------- ----------------- --------- -------------- -----------------
Total Group 770 77,843 49,293 2,113 3,990 829 29,765 163,833
----- -------- ------- ---------- ----------------- --------- -------------- -----------------
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 - - 35,231 - - - - 35,231
------ -------- ------- ---------- -------- --------- -------------- --------
Department of
Business, Energy
and Industrial
Strategy - - - - 3,990 - - 3,990
------ -------- ------- ---------- -------- --------- -------------- --------
Total United
Kingdom - - 35,231 - 3,990 - - 39,221
------ -------- ------- ---------- -------- --------- -------------- --------
PETRONAS 770 77,843 - 2,113 - 829 29,765 110,550
------ -------- ------- ---------- -------- --------- -------------- --------
Malaysian Inland
Revenue Board - - 14,062 - - - - 14,062
------ -------- ------- ---------- -------- --------- -------------- --------
Total Malaysia 770 77,843 14,062 2,113 - 829 29,765 124,612
------ -------- ------- ---------- -------- --------- -------------- --------
Total Group 770 77,843 49,293 2,113 3,990 829 29,765 163,833
------ -------- ------- ---------- -------- --------- -------------- --------
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.
For the purposes of compliance with the Swedish Act on Reporting
of Payments to Governments, there have been no dividends or
payments for infrastructure improvements and, other than disclosed
in the tables above, there have been no signature, discovery and
production bonuses, and no licence fees, rental fees, entry fees or
other considerations for licences and/or concessions.
Ends
For further information please contact:
EnQuest PLC Tel: +44 (0)20 7925
4900
Amjad Bseisu (Chief Executive)
Salman Malik (Chief Financial Officer)
Craig Baxter (Head of Investor Relations)
Teneo Tel: +44 (0)20 7353
4200
Martin Robinson
Martin Pengelley
Harry Cameron
Notes to editors
ENQUEST
EnQuest is providing creative solutions through the energy
transition. As an independent energy company with operations in the
UK North Sea and Malaysia, the Group's strategic vision is to be
the partner of choice for the responsible management of existing
energy assets, applying its core capabilities to create value
through the transition.
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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END
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