TIDMSEPL
RNS Number : 8159C
SEPLAT Petroleum Development Co PLC
30 June 2016
Report on Payments to Governments for the Year 2015
30 June 2016
Introduction
This 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).
This report is available for download from
http://seplatpetroleum.com/
BASIS FOR PREPARATION - REPORT ON PAYMENTS TO GOVERNMENTS FOR
THE YEAR 2015
Reporting entities
This Report includes payments to governments made by Seplat
Petroleum Development Plc and its subsidiaries (Seplat). All
payments to governments are within Nigeria.
Activities
Payments 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.
Government
Government 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.
Project
Payments 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.
Payments
The information is reported under the following payment
types.
Production entitlements
These represent the government's share of production in the
reporting period arising from projects operated by Seplat. It
comprises of crude oil and gas attributable to the Nigerian
government by virtue of its participation as an equity holder in
projects within its sovereign jurisdiction (Nigeria).
Production entitlements to the government are lifted
independently by the relevant government agency.
Royalties
These are payments for the rights to extract oil and gas
resources, typically at set percentage of revenue less any
deductions that may be taken.
License fees, rental fees, entry fees and other considerations
for licenses and/or concessions
These are fees and other sums paid as consideration for
acquiring a license for gaining access to an area where extractive
activities are performed. Administrative government fees that are
not specifically related to the extractive sector, or to obtain
access to extractive resources, are excluded. Also excluded are
payments made in return for services provided by a government.
Other types of payments that are required to be disclosed in
accordance with the Regulations are the following:
-- Taxes
-- Dividends
-- Bonuses
-- Infrastructure improvements
However, for the year ended 31 December 2015, there were no such
reportable payments made by Seplat to a government.
Materiality
For each payment type, total payments below GBP86,000
(EUR100,000) to a government are excluded from this Report.
Reporting currency
Payments disclosed in this report have been disclosed in US
Dollars. Where actual payments have been recorded in a currency
other than US Dollars, they have been translated using the annual
average exchange rate.
REPORT ON PAYMENTS TO GOVERNMENTS 2015
Government and Expense Report (In USD)
Production
Entitlement Royalties Fees Total
============================= ============= =============== ========================= ==================
GOVERNMENTS
============================= ============= =============== ========================= ==================
Nigerian National
Petroleum Corporation 573,690,618 - - 573,690,618
============================= ============= =============== ========================= ==================
Department of Petroleum
Resources - 106,900,097 879,306 107,779,403
============================= ============= =============== ========================= ==================
Federal Inland Revenue
Service - - 150,484 150,484
============================= ============= =============== ========================= ==================
Nigeria Export Supervision
Scheme 698,711 698,711
============================= ============= =============== ========================= ==================
Nigerian Content
Development and Monitoring
Board - - 4,221,594 4,221,594
============================= ============= =============== ========================= ==================
Total 573,690,618 106,900,097 5,950,095 686,540,810
============================= ============= =============== ========================= ==================
Project and Expense Report (In USD)
Production
Entitlement Royalties Fees Total
================== ================== =============== =============== =================
PROJECTS
================== ================== =============== =============== =================
OML 56 - 527,310 - 527,310
================== ================== =============== =============== =================
OML 4, 38 and 41 573,690,618 106,372,787 5,950,095 686,013,500
================== ================== =============== =============== =================
Total 573,690,618 106,900,097 5,950,095 686,540,810
================== ================== =============== =============== =================
This information is provided by RNS
The company news service from the London Stock Exchange
END
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