Business
Report on Payments to Governments for 2024
Report on Payments to Governments for 2024.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nGulf Keystone Petroleum Ltd (GKP)\n\n\n\n\n\n\nReport on Payments to Governments for 2024 02-Apr-2025 / 07:01 GMT/BST\n\n\n \n\n2 April 2025\n\n \n\n \n\nGulf Keystone Petroleum Ltd. (LSE: GKP)\n\n(“Gulf Keystone”, “GKP” or “the Company”)\n\n \n\nReport on Payments to Governments for 2024\n\n \n\n \n\nIntroduction\n\nThis report sets out details of the payments made to governments by Gulf Keystone Petroleum Ltd and its subsidiary undertakings (‘Gulf Keystone’) for the year ended 31 December 2024 as required under Disclosure and Transparency Rule 4.3A issued by the UK’s Financial Conduct Authority (‘DTR 4.3A’) and in accordance with The Reports on Payments to Governments Regulations 2014 (as amended in 2015) (the ‘UK Regulations’) and our interpretation of the Industry Guidance on the UK Regulations issued by the International Association of Oil & Gas Producers. DTR 4.3A requires companies listed on a stock exchange in the UK and operating in the extractive industry to publicly disclose payments to governments in the countries where they undertake exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials.\n\n \n\nBasis for preparation\n\nTotal payments below £86,000 made to a government are excluded from this report, as permitted under the UK Regulations.\n\n \n\nAll of the payments made in relation to the Shaikan Production Sharing Contract (‘Shaikan PSC’) in the Kurdistan Region of Iraq have been made to the Ministry of Natural Resources (“MNR”) 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 the Shaikan Field operated by Gulf Keystone. 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 estimates based on the monthly oil sales invoices.\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 the Shaikan PSC. Royalties have been calculated on the same basis as production entitl...