Press Release
Petrofac Limited
(the Company)
Reports on Payments to Governments for the year ended 31 December 2017.
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 2017 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, 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 2017
Malaysia |
|
|
|
|
|
|
|
|
|
Project Report |
|
|
|
|
|
|
|
|
|
|
Taxes3 |
|
Royalties2 |
|
Fees |
|
Total |
|
|
|
|
Volume |
Value |
|
|
|
|
|
|
US$'0001 |
|
'000 bbls |
US$'0001 |
|
US$'0001 |
|
US$'0001 |
|
|
|
|
|
|
|
|
|
|
|
PM304 |
(587) |
|
180 |
10,474 |
|
487 |
|
10,374 |
|
Berantai |
2,515 |
|
- |
- |
|
- |
|
2,515 |
|
2017 Total |
1,928 |
|
180 |
10,474 |
|
487 |
|
12,889 |
|
|
|
|
|
|
|
|
|
|
|
Government Report |
|
|
|
|
|
|
|
|
|
|
Taxes |
|
Royalties2 |
|
Fees |
|
Total |
|
|
|
|
Volume |
Value |
|
|
|
|
|
|
US$'0001 |
|
'000 bbls |
US$'0001 |
|
US$'0001 |
|
US$'0001 |
|
|
|
|
|
|
|
|
|
|
|
PETRONAS |
- |
|
180 |
10,474 |
|
487 |
|
10,961 |
|
The Inland Revenue Board of Malaysia |
1,928 |
|
- |
- |
|
- |
|
1,928 |
|
2017 Total |
1,928 |
|
180 |
10,474 |
|
487 |
|
12,889 |
|
|
|
|
|
|
|
|
|
|
|
Thailand |
|
|
|
|
|
|
|
|
|
Project Report |
|
|
|
|
|
|
|
|
|
|
Taxes4 |
|
Royalties |
|
Fees |
|
Total |
|
|
|
|
Volume |
Value |
|
|
|
|
|
|
US$'0001 |
|
'000 bbls |
US$'0001 |
|
US$'0001 |
|
US$'0001 |
|
|
|
|
|
|
|
|
|
|
|
Jasmine |
125 |
|
- |
- |
|
- |
|
125 |
|
2017 Total |
125 |
|
- |
- |
|
- |
|
125 |
|
|
|
|
|
|
|
|
|
|
|
Government Report |
|
|
|
|
|
|
|
|
|
|
Taxes4 |
|
Royalties |
|
Fees |
|
Total |
|
|
|
|
Volume |
Value |
|
|
|
|
|
|
US$'0001 |
|
'000 bbls |
US$'0001 |
|
US$'0001 |
|
US$'0001 |
|
|
|
|
|
|
|
|
|
|
|
The Revenue Department of Thailand |
125 |
|
- |
- |
|
- |
|
125 |
|
2017 Total |
125 |
|
- |
- |
|
- |
|
125 |
|
|
|
|
|
|
|
|
|
|
|
Tunisia |
|
|
|
|
|
|
|
|
|
Project Report |
|
|
|
|
|
|
|
|
|
|
Taxes |
|
Royalties |
|
Fees |
|
Total |
|
|
|
|
Volume |
Value |
|
|
|
|
|
|
US$'0001 |
|
'000 bbls |
US$'0001 |
|
US$'0001 |
|
US$'0001 |
|
|
|
|
|
|
|
|
|
|
|
Chergui |
1,151 |
|
- |
661 |
|
- |
|
1,812 |
|
2017 Total |
1,151 |
|
- |
661 |
|
- |
|
1,812 |
|
|
|
|
|
|
|
|
|
|
|
Government Report |
|
|
|
|
|
|
|
|
|
|
Taxes |
|
Royalties |
|
Fees |
|
Total Payments |
|
|
|
|
Volume |
Value |
|
|
|
|
|
|
US$'0001 |
|
'000 bbls |
US$'0001 |
|
US$'0001 |
|
US$'0001 |
|
|
|
|
|
|
|
|
|
|
|
Monsieur le Receveur des Finances du Lac |
1,151 |
|
- |
661 |
|
- |
|
1,812 |
|
2017 Total |
1,151 |
|
- |
661 |
|
- |
|
1,812 |
|
|
|
|
|
|
|
|
|
|
|
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 with negative values represent receipts, which result from taxes overpaid in prior periods of account. Taxes payments are otherwise shown net of receipts, where relevant.
4. 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.
5. 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.
6. 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
[email protected]
Alison Flynn, Group Head of Communications
[email protected]
+44 (0) 207 811 4913
Corporate and Financial PR
Tulchan Communications Group
85 Fleet Street
London EC4Y 1AE
+44 (0) 207 353 4200
[email protected]
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 12,500 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.
