TIDMSEPL
RNS Number : 4634R
Seplat Petroleum Development Co PLC
08 March 2021
Seplat Petroleum Development Company Plc
("Seplat" or "the Company")
REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2020
Lagos and London, 08 March 2021
Introduction
The following information is included to comply with the
Disclosure and Transparency Rules of the Financial Conduct
Authority in the United Kingdom and it is prepared in accordance
with Directive 2013/34/EU (the EU Accounting Directive (2013).
BASIS FOR PREPARATION
Reporting entities
This Report includes payments to governments made by Seplat
Petroleum Development Company and its subsidiaries (Seplat). All
payments to governments arise from operations within Nigeria.
Activities
Payments made by Seplat to governments arising from activities
involving the exploration, prospection, discovery, development and
extraction of minerals, gas processing, oil and natural gas
deposits or other materials (extractive activities) are disclosed
in this Report. It excludes payments related to refining, natural
gas liquefaction or gas-to-liquids activities. When payments cover
both extractive and processing activities and cannot be split, the
payments have been disclosed in full.
Government
Government includes any national, regional or local authority of
a country to which Seplat has made payment related to these
regulations, and includes any department, agency or entity that is
controlled by such authority.
Project
Payments are reported at project level except for payments that
are not attributable to a specific project, these are reported at
entity level. A project is defined as operational activities which
are governed by a single contract, license, lease, concession or
similar legal agreement, and form the basis for payment to
government. However, if multiple of agreements are substantially
interconnected, this shall be considered as a project. Indicators
of integration include, but are not limited to, geographic
proximity, the use of shared infrastructure and common operational
management.
Payments
The information is reported under the following payment
types.
Production entitlements
These represent the government's share of production in the
reporting period arising from projects operated by Seplat. It
comprises of crude oil and gas attributable to the Nigerian
government by virtue of its participation as an equity holder in
projects within its sovereign jurisdiction (Nigeria).
Production entitlements to the government are lifted
independently by the relevant government agency.
Royalties
These are payments for the rights to extract oil and gas
resources, typically at a set percentage of revenue less any
deductions that may be taken.
License fees, rental fees, entry fees and other considerations
for licenses and/or concessions
These are fees and other sums paid as consideration for
acquiring a license for gaining access to an area where extractive
activities are performed. Administrative government fees that are
not specifically related to the extractive sector, or to obtain
access to extractive resources, are excluded. Also excluded are
payments made in return for services provided by a government.
Corporate taxes
Corporate taxes are charges based on taxable profit which are
payable to the government. Examples of corporate taxes in Nigeria
include Petroleum Profit Tax (PPT), corporate income tax (CIT) and
education tax.
Corporate income tax (CIT) is a tax imposed on profit of a
company from all sources. Gas operations are liable to CIT.
Petroleum profit tax (PPT) is a tax applicable to upstream
operations in the oil industry in lieu of corporate income tax. Oil
operations such as oil mining, prospecting and exploration leases
are liable to PPT.
Education tax is tax applicable to both oil and gas operations
based on assessable profit. Assessable profit is the profit derived
after deducting all the allowable expenses.
Other types of payments that are required to be disclosed in
accordance with the Regulations are the following:
-- Dividends
-- Signature, discovery and production bonuses
-- Infrastructure improvements
However, for the year ended 31 December 2020, there were no such
reportable payments made by Seplat to government that were above
the materiality threshold as determined below.
Materiality
For each payment type, total payments below GBP89,934
(EUR100,000, $122,760) whether made as a single payment or as a
series of related payments, to a government agency are excluded
from this Report .
Reporting currency
Payments in this report have been disclosed in US Dollars. Where
actual payments have been recorded in a currency other than US
Dollars, they have been translated using the annual average
exchange rate.
REPORT ON PAYMENTS TO GOVERNMENTS 2020
Government and Expense Report (In USD)
Production
Entitlement Royalties Fees Taxes Total
============================== ============= ============= ============ ============ =============
GOVERNMENTS
============================== ============= ============= ============ ============ =============
Nigerian National Petroleum
Corporation 389,575,992 - - - 389,575,992
============================== ============= ============= ============ ============ =============
Department of Petroleum
Resources - 111,632,919 18,376,189 - 130,009,108
============================== ============= ============= ============ ============ =============
Nigeria Export Supervision
Scheme - - 579,361 - 579,361
============================== ============= ============= ============ ============ =============
Niger Delta Development
Commission - - 17,934,968 - 17,934,968
============================== ============= ============= ============ ============ =============
Nigerian Content Development
and Monitoring Board - - 4,826,290 - 4,826,290
============================== ============= ============= ============ ============ =============
Federal Inland Revenue
Service - - - 21,239,383 21,239,383
============================== ============= ============= ============ ============ =============
Total 389,575,992 111,632,919 41,716,808 21,239,383 564,165,102
============================== ============= ============= ============ ============ =============
Project and Expense Report (In USD)
Production
Entitlement Royalties Fees Taxes Total
================== ============= ============= ============ ============ =============
PROJECTS
================== ============= ============= ============ ============ =============
OML 4, 38 and 41 326,107,787 75,617,803 35,400,094 9,551,123 446,676,808
================== ============= ============= ============ ============ =============
OML 17 - - 1,002,000 39,645.77 1,041,646
================== ============= ============= ============ ============ =============
OML 40 - 29,915,648 736,144 10,589,779 41,241,571
================== ============= ============= ============ ============ =============
OML 53 63,468,205 5,750,039 4,292,293 - 73,510,536
================== ============= ============= ============ ============ =============
OML 56 - 349,429 286,277 1,058,835 1,694,541
================== ============= ============= ============ ============ =============
Total 389,575,992 111,632,919 41,716,808 21,239,383 564,165,102
================== ============= ============= ============ ============ =============
-S -
Enquiries
Seplat Petroleum Development Company plc
Emeka Onwuka, CFO +44 (0) 203 725 6500
Carl Franklin, Head of Investor Relations
Ayeesha Aliyu, Investor Relations +234 (0) 1 277 0400
Chioma Nwachuku, GM - External Affairs
and Communications
FTI Consulting
Ben Brewerton / Sara Powell +44 (0) 203 727 1000
seplat@fticonsulting.com
Notes to editors
Seplat Petroleum Development Company Plc is a leading indigenous
Nigerian oil and gas exploration and production company with a
strategic focus on Nigeria, listed on the Main Market of the London
Stock Exchange ("LSE") (LSE:SEPL) and Nigerian Stock Exchange
("NSE") (NSE:SEPLAT).
Seplat is pursuing a Nigeria focused growth strategy and is
well-positioned to participate in future divestment programmes by
the international oil companies, farm-in opportunities and future
licensing rounds. For further information please refer to the
company website, http://seplatpetroleum.com/
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END
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