Business
Report on payments to governments
Report on payments to governments.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \n\n\nGenel Energy PLC (GENL)\n\n\n\nGenel Energy PLC: Report on payments to governments 30-March-2023 / 10:00 GMT/BST\n\n\n \n\n30 March 2023\n\n \n\nGenel Energy plc \n\n \n\nReport on payments to governments for the year 2022\n\n \n\nIntroduction and basis for preparation\n\nThis 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 2022 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.\n\n \n\nThis report is available to download at www.genelenergy.com/investor-relations/results-reports-presentations.\n\n \n\nGovernments\n\nAll 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’).\n\n \n\nProduction entitlements\n\nProduction 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.\n\n \n\nRoyalties\n\nRoyalties 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.\n\n \n\nMateriality threshold\n\nTotal payments below £86,000 made to a government are excluded from this report as permitted und...