RNS Number : 5587N
EnQuest PLC
19 June 2025
ENQUEST PLC, 19 June 2025
Reports on Payments to Governments for the Year ended 31 December 2024
This report provides information in accordance with DTR 4.3A in respect of payments made by the Company to Governments for the year ended 31 December 2024 and in compliance with the Reports on Payments to Governments Regulations 2014 (SI 2014/3209).
This report is available to download from: https://www.enquest.com/environmental-social-and-governance/governance/business-conduct. This report will also be made available on the National Storage Mechanism.
Basis of preparation
The payments disclosed, which are on a cash basis, are based on where the obligation for the payment arose (i.e. at a project or corporate level). Where a payment or a series of related payments do not exceed £86,000, they are not required to be disclosed under the UK Regulations, however this has been disclosed in aggregate at a corporate level for clarity over obligations.
All of the payments disclosed in accordance with the Directive have been made to national Governments, either directly or through a Ministry or Department of the national Government, with the exception of the Malaysian payments in respect of production entitlements, supplementary payments, royalties and research CESS payments which are paid to PETRONAS (Petroliam Nasional Berhad, the National Oil Company of Malaysia).
Project/entity name
Licence
Production entitlements
Taxes
Royalties
Licence fees
Research CESS
Supplementary payments
TOTAL
mboe
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Kraken & Kraken North, West of Kraken
P1077 & P2632
-
-
-
-
615
-
-
615
Greater Kittiwake Area
P73 & P238
-
-
-
-
211
-
-
211
Scolty & Crathes
P1107 & P1617
-
-
-
-
548
-
-
548
Magnus
P193
-
-
-
-
438
-
-
438
Bressay
P234, P493, P920 & P977
-
-
-
-
464
-
-
464
Bentley
P1078
-
-
-
-
700
-
-
700
Corporate
-
-
78,936
-
304
-
-
79,240
Total United Kingdom
-
-
78,936
-
3,280
-
-
82,216
PM-8E
668
51,328
-
1,540
-
640
9,409
62,917
Corporate
-
-
18,328
-
-
-
-
18,328
Total Malaysia
668
51,328
18,328
1,540
-
640
9,409
81,245
Total Group
668
51,328
97,264
1,540
3,280
640
9,409
163,461
Project/entity name Licence
Production entitlements
Taxes
Royalties
Licence fees
Research CESS
Supplementary payments
TOTAL
mboe
$'000
$'000
$'000
$'000
$'000
$'000
$'000
HM Revenue and Customs
-
-
78,936
-
-
-
-
78,936
North Sea Transition Authority
-
-
-
-
3,060
-
-
3,059
Department for Energy Security & Net Zero
-
-
-
-
220
-
-
220
Total United Kingdom
-
-
78,936
-
3,280
-
-
82,216
PETRONAS
668
51,238
-
1,540
-
640
9,409
62,917
Malaysian Inland Revenue Board
-
-
18,328
-
-
-
-
18,328
Total Malaysia
668
51,238
18,328
1,540
-
640
9,409
81,245
Total Group
668
51,238
97,264
1,540
3,280
640
9,409
163,461
Production entitlements expressed in barrels
This includes non-cash royalties and state non-participating interest paid in barrels of oil or gas out of EnQuest's working interest share of production in a licence. The figures disclosed are produced on an entitlement basis rather than a liftings basis. It does not include the Government's or National Oil Company's working interest share of production in a licence. Production entitlements are assessed on a quarterly basis and are valued at the price used to determine entitlement under the terms of the production sharing contract.
Taxes
This represents cash tax paid by EnQuest on its income, profits or production, including capital gains. Income taxes paid during the reporting period can be in respect of current period profits but also profits of prior periods. The actual timing of cash tax payments varies depending on the jurisdiction and the payment regulations in force. Income taxes also include any cash tax rebates received from the Government or revenue authority during the year and excludes fines and penalties.
Royalties
This represents cash royalties paid to Governments during the year for the extraction of oil or gas. The terms of the royalties are described within EnQuest's Production Sharing Contracts ('PSC') and can vary from project to project within one country. Royalties paid in kind have been recognised within the production entitlements category.
Licence fees
This represents total, rather than working interest share of, licence fees, rental fees, entry fees and other levies or consideration for licences and/or concessions paid for access to an area during the year (with the exception of signature bonuses which are captured within bonus payments if applicable).
Research CESS
Research CESS payments are contractual amounts due under the PM-8E PSC and are based on EnQuest's entitlement to production. These payments are made to PETRONAS.
Supplementary payments
Supplementary payments are required under the PM-8E PSC and are based on EnQuest's entitlement to profit oil and profit gas. These payments are made to PETRONAS.
Ends
For further information please contact:
EnQuest PLC
Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive Officer)
Jonathan Copus (Chief Financial Officer)
Craig Baxter (Head of Investor Relations and Corporate Affairs)
Teneo
Tel: +44 (0)207353 4200
Martin Robinson
Harry Cameron
Notes to editors
ENQUEST
EnQuest is providing creative solutions through the energy transition. As an independent energy company with operations in the UK North Sea and Malaysia, the Group's strategic vision is to be the partner of choice for the responsible management of existing energy assets, applying its core capabilities to create value through the transition.
EnQuest PLC trades on the London Stock Exchange.
Please visit our website www.enquest.com for more information on our global operations.
Forward-looking statements: This announcement may contain certain forward-looking statements with respect to EnQuest's expectations and plans, strategy, management's objectives, future performance, production, reserves, costs, revenues and other trend information. These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that may occur in the future. There are a number of factors which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts. The statements have been made with reference to forecast price changes, economic conditions and the current regulatory environment. Nothing in this announcement should be construed as a profit forecast. Past share performance cannot be relied upon as a guide to future performance.
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