Last checked at 26 Jun 2020 09:57
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
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Project Report |
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| Taxes |
| Royalties2 |
| Fees |
| Total |
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| Volume | Value |
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| US$'0001 |
| '000 bbls | US$'0001 |
| US$'0001 |
| US$'0001 |
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PM304 | - |
| 145 | 10,155 |
| 424 |
| 10,579 |
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2019 Total | - |
| 145 | 10,155 |
| 424 |
| 10,579 |
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Government Report |
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| Taxes |
| Royalties2 |
| Fees |
| Total |
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| Volume Value |
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| US$'0001 |
| '000 bbls | US$'0001 |
| US$'0001 |
| US$'0001 |
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PETRONAS | - |
| 145 | 10,155 |
| 424 |
| 10,579 |
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2019 Total | - |
| 145 | 10,155 |
| 424 |
| 10,579 |
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Mexico
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Project Report |
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| Taxes |
| Royalties |
| Fees |
| Total |
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| Volume | Value |
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| US$'000 |
| '000 bbls | US$'000 |
| US$'000 |
| US$'000 |
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Petrofac Mexico | - |
| 434 | 18,907 |
| - |
| 18,907 |
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2019 Total | - |
| 434 | 18,907 |
| - |
| 18,907 |
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Government Report |
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| Taxes |
| Royalties |
| Fees |
| Total |
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| Volume | Value |
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| US$'000 |
| '000 bbls | US$'000 |
| US$'000 |
| US$'000 |
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National Hydrocarbons Commission | - |
| 434 | 18,907 |
| - |
| 18,907 |
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2019 Total | - |
| 434 | 18,907 |
| - |
| 18,907 |
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Thailand
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Project Report |
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| Taxes3 |
| Royalties |
| Fees |
| Total |
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| Volume | Value |
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| US$'0001 |
| '000 bbls | US$'000 |
| US$'000 |
| US$'0001 |
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Jasmine | 1,064 |
| - | - |
| - |
| 1,064 |
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2019 Total | 1,064 |
| - | - |
| - |
| 1,064 |
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Government Report |
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| Taxes3 |
| Royalties |
| Fees |
| Total |
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| Volume | Value |
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| US$'0001 |
| '000 bbls | US$'000 |
| US$'000 |
| US$'0001 |
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The Revenue Department of Thailand | 1,064 |
| - | - |
| - |
| 1,064 |
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2019 Total | 1,064 |
| - | - |
| - |
| 1,064 |
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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
+44 (0) 207 811 4900
Jonathan Yarr, Head of Investor Relations
jonathan.yarr@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
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