Business
Report on Payments to Governments
Report on Payments to Governments.
About this update from Seplat Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8159C SEPLAT Petroleum Development Co PLC 30 June 2016 \n\nReport on Payments to Governments for the Year 2015\n \n \n \n30 June 2016\n \n\n\nIntroduction\n \nThis report provides an overview of the payments to governments made by Seplat Petroleum Development Company Plc and its subsidiaries for the year ended 31 December 2015. This Report is required by the Disclosure and Transparency Rules of the Financial Conduct Authority in the United Kingdom and is prepared in accordance with Directive 2013/34/EU (the EU Accounting Directive (2013).\nThis report is available for download from http://seplatpetroleum.com/\n \nBASIS FOR PREPARATION - REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2015 \n \nReporting entities \nThis Report includes payments to governments made by Seplat Petroleum Development Plc and its subsidiaries (Seplat). All payments to governments are within Nigeria.\nActivities\nPayments made by Seplat to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report. It excludes payments related to refining, natural gas liquefaction or gas-to-liquids activities. When payments cover both extractive and processing activities and cannot be split, the payments have been disclosed in full.\nGovernment\nGovernment includes any national, regional or local authority of a country to which Seplat has made payment related to these regulations, and includes any department, agency or entity that is controlled by such authority.\nProject\nPayments are reported at project level except for payments that are not attributable to a specific project, these are reported at entity level. A project is defined as operational activities which are governed by a single contract, licence, lease, concession or similar legal agreement, and form the basis for payment liabilities with a government. However, if multiple such agreements are substantially interconnected, this shall be considered as a project. Indicators of integration include, but are not limited to, geographic proximity, the use of shared infrastructure and common operational management.\nPayments\nThe informatio...