09.04.2019 14:25:27
|
Genel Energy PLC: Report on payments to governments
Genel Energy PLC (GENL)
9 April 2019
Genel Energy plc
Report on payments to governments for the year 2018
Introduction and basis for preparation This report sets out details of the payments made to governments by Genel Energy plc and its subsidiary undertakings ('Genel') for the year ended 31 December 2018 as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (the 'DTRs') and in accordance with our interpretation of the Industry Guidance issued for the UK's Report on Payments to Governments Regulations 2014, as amended in December 2015 ('the Regulations'). The DTRs require companies in the UK and operating in the extractives sector to publically disclose payments made to governments in the countries where they undertake exploration, prospection, development and extraction of oil and natural gas deposits or other materials.
This report is available to download at www.genelenergy.com/investor-relations/results-reports-presentations.
Governments All of the payments made in relation to licences in the Kurdistan Region of Iraq ('KRI') have been made to the Ministry of Natural Resources of the Kurdistan Regional Government ('KRG'). All other payments have been made to the national government of the relevant country where the licence is based.
Production entitlements Production entitlements are the host government's share of production during the reporting period from projects operated by Genel. Production entitlements from projects that are not operated by Genel are not covered by this report. The figures reported have been produced on an entitlement basis rather than on a liftings basis. Production entitlements are paid in-kind and the monetary value disclosed is derived from management's calculation of revenue from the field.
Royalties Royalties represent royalties paid in-kind to governments during the year for the extraction of oil. The terms of the Royalties are described within our Production Sharing Contracts and can vary from project to project. Royalties have been calculated on the same barrels of oil equivalent basis as production entitlements.
Materiality threshold Total payments below £86,000 made to a government are excluded from this report as permitted under the Regulations.
payments to governments - 2018
(1) Under the lifting arrangements implemented by the KRG, the KRG takes title to crude at the wellhead and then transports it to Ceyhan in Turkey by pipeline. The crude is then sold by the KRG into the international market. All proceeds of sale are received by or on behalf of the KRG, out of which the KRG then makes payment for cost and profit oil in accordance with the PSC to Genel, in exchange for the crude delivered to the KRG. Under these arrangements, payments are in fact made by or on behalf of the KRG to Genel, rather than by Genel to the KRG. For the purposes of the reporting requirements under the Regulations, however, we are required to characterise the value of the KRG's entitlement under the PSC (for which they receive payment directly from the market) as a payment made to the KRG. Therefore, estimated value in $millions is not paid to the KRG, and is calculated to meeting the reporting requirements under the Regulations. (2) The amount reported for Taq Taq, is the gross payment made to the KRI by the operating company (TTOPCO). Genel's share of these payments is equal to 55% (with the exception of capacity building payments). (3) Capacity building payments reported are payments made by Genel directly to the KRI in cash as required by the PSC.
-ends-
For further information please contact:
Notes to editors:
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq. Genel has highly cash-generative oil production from the Taq Taq and Tawke licences, with material growth potential from other assets in the portfolio. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com.
|
ISIN: | JE00B55Q3P39 |
Category Code: | MSCL |
TIDM: | GENL |
LEI Code: | 549300IVCJDWC3LR8F94 |
Sequence No.: | 8146 |
EQS News ID: | 797657 |
End of Announcement | EQS News Service |
|
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Genel Energy Plcmehr Nachrichten
02.12.24 |
Genel Energy PLC: Update on arbitration regarding the Bina Bawi and Miran PSCs / Arbitration Award made in favour of Kurdistan Regional Government (EQS Group) | |
12.11.24 |
Genel Energy PLC: Trading and operations update (EQS Group) | |
16.10.24 |
Genel Energy PLC: Bond call option exercised (EQS Group) | |
23.09.24 |
Genel Energy PLC: Changes to Director Responsibilities (EQS Group) | |
12.09.24 |
Genel Energy PLC: Director/PDMR Shareholding (EQS Group) | |
10.09.24 |
Genel Energy PLC: Director / PDMR Shareholding (EQS Group) | |
06.09.24 |
Genel Energy PLC: Director / PDMR Shareholding (EQS Group) | |
02.09.24 |
Genel Energy PLC: Appointment of Independent Non-Executive Director (EQS Group) |