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Report on Payments to Governments for the year 2019
 

Dubai, United Arab Emirates, June 13, 2020: 

 

Introduction and basis for preparation


This report sets out details of the payments made to governments by RAK Petroleum plc and its subsidiary undertakings (‘RAK Petroleum’) for
the year ended 31 December 2019 as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (the ‘DTRs’)
and in accordance with our interpretation of the draft 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.

 


Whilst RAK Petroleum makes no payments directly to any government and holds no direct interest in any extractives sector, DNO ASA, of which
RAK Petroleum owns 44.94 percent of the outstanding shares, holds licenses in several countries. The figures reported below relate solely to
payments made by DNO ASA and its wholly-owned subsidiaries to the governments in countries where they operate.

 


All 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 governments of the relevant country where the
licence is based. 

 


• Royalty is a fee paid to the Government before distribution of cost oil and profit oil under production sharing contracts.
• Special Tax for Kurdistan constitutes government take (of profit oil, gas, condensate and LPG) under the production sharing
contracts. This government take is often referred to as production entitlement. 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 directly by or on behalf of the KRG, out of
which the KRG then makes payment for the contractors share of cost oil and profit oil in accordance with the PSC to DNO as
operator who in turn distributes amongst the license partners. For the purposes of reporting requirements, the KRG share of
the production entitlement is included in this report as a Special Tax.
• Corporate Tax and Special tax in Norway relates to a refund of exploration costs.
• Contractual bonuses include environment funds, training funds and rental fees.
• All figures shown in this report are net to DNO. Positive figures are a tax refund. Negative figures are tax paid. 


Posted by : Dubai PR Network Editorial Team
Viewed 5508 times
PR Category : Government, Legal & Humanity
Posted on : Saturday, June 13, 2020  9:38:00 AM UAE local time (GMT+4)
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