Last checked at 5 Jul 2017 16:27
Press Release
5 July 2017
Petrofac Limited
(the Company)
Reports on Payments to Governments for the year ended 31 December 2016 (amended).
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 2016 and in compliance with The Reports on Payments to Governments Regulations 2014 (SI 2014/3209).
The following schedules detail the payments made by Petrofac Limited and its subsidiary undertakings to 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 2016
Malaysia | |||||||||
Project Report | |||||||||
Taxes | Royalties2 | Fees | Total | ||||||
Volume | Value | ||||||||
US$'0001 | '000 bbls | US$'0001 | US$'0001 | US$'0001 | |||||
PM304 | - | 188 | 10,156 | 474 | 10,630 | ||||
Berantai | 8,653 | - | - | - | 8,653 | ||||
2016 Total | 8,653 | 188 | 10,156 | 474 | 19,283 | ||||
Government Report | |||||||||
Taxes | Royalties2 | Fees | Total | ||||||
Volume | Value | ||||||||
US$'0001 | '000 bbls | US$'0001 | US$'0001 | US$'0001 | |||||
Inland Revenue Board | 8,653 | - | - | - | 8,653 | ||||
PETRONAS | - | 188 | 10,156 | 474 | 10,630 | ||||
2016 Total | 8,653 | 188 | 10,156 | 474 | 19,283 | ||||
| |||||||||
Thailand | |||||||||
Project Report | |||||||||
Taxes3 | Royalties2 | Fees | Total | ||||||
Volume | Value | ||||||||
US$'0001 | '000 bbls | US$'0001 | US$'0001 | US$'0001 | |||||
Jasmine | 720 | - | - | - | 720 | ||||
2016 Total | 720 | - | - | - | 720 | ||||
Government Report | |||||||||
Taxes3 | Royalties2 | Fees | Total | ||||||
Volume | Value | ||||||||
US$'0001 | '000 bbls | US$'0001 | US$'0001 | US$'0001 | |||||
Revenue Department | 720 | - | - | - | 720 | ||||
2016 Total | 720 | - | - | - | 720 | ||||
Tunisia | |||||||||
Project Report | |||||||||
Taxes | Royalties2 | Fees | Total | ||||||
Volume | Value | ||||||||
US$'0001 | '000 bbls | US$'0001 | US$'0001 | US$'0001 | |||||
Chergui | 167 | 0.2 | 664 | - | 831 | ||||
2016 Total | 167 | 0.2 | 664 | - | 831 | ||||
Government Report | |||||||||
Taxes | Royalties2 | Fees | Total Payments | ||||||
Volume | Value | ||||||||
US$'0001 | '000 bbls | US$'0001 | US$'0001 | US$'0001 | |||||
L'Entreprise Tunisienne d'Activités Pétrolières | - | 0.2 | 9 | - | 9 | ||||
Monsieur le Receveur des Finances du Lac | 167 | - | 655 | - | 822 | ||||
2016 Total | 167 | 0.2 | 664 | - | 831 | ||||
Notes:
1. Payments made 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 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 weren't directly paid to the government by the Petrofac Group. This approach represents a more complete view of the taxes borne by Petrofac in Thailand. The adoption of this approach would have illustrated taxes paid in Thailand per our 2015 report of $0.9m.
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
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Jonathan Edwards, Investor Relations Manager
jonathan.edwards@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Andrew Grant
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 13,500 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.