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Kosmos Energy Ltd - Report on Payments to Govts

06/27/22 06:00 GMT
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RNS Number : 8780P
Kosmos Energy Limited
27 June 2022
 

 

Kosmos Energy Ltd

Report on payments to government for the year 2021

 

Introduction

 

Kosmos Energy Ltd. has prepared the following consolidated report in respect of payments made to governments for the year ended 31 December 2021 in accordance with the Reports on Payments to Governments Regulations 2014 (2014/3209) as amended by the Reports on Payments to Governments (Amendment) Regulations 2015 (2015/1928) and DTR 4.3A of the Financial Conduct Authority's Disclosure and Transparency Rules.

 

Payments to Governments (USD) (1)


 

Equatorial Guinea

 

Ghana

 

Mauritania

Sao Tome & Principe

 

Senegal

 

Suriname

 

United States

Income Taxes (3)

$   31,125,000

$   106,350,000

$                      -

$                      -

$                      -

$                      -

$              (61,000)

Royalties (BOE) (2)

   510,000

541,000

-

-

-

-

 1,187,000

Estimated Royalties ($s) (2)

$   36,164,000

 $  38,362,000

$                      -

$                      -

$                      -

$                      -

$   73,062,000

Dividends

$                      -

$                      -

$                      -

$                      -

$                      -

$                      -

$                      -

Bonuses

$                      -

$                      -

$                      -

$                      -

$                      -

$                      -

$             700,000

License Fees (Surface Rentals, Permitting Fees, etc.)

$          1,419,000

$               31,000

$                      -

$                      -

$                      -

$                      -

$          2,781,000

$                      -

$                      -

$                      -

$                      -

$                      -

$                      -

$                      -

Total

$   109,269,000

$   144,743,000

$                      -

$                      -

$                      -

$                      -

$   76,482,000

 

FOOTNOTES

The Payments to Government data are reflective of direct payments made to government entities by Kosmos Energy. These payments are categorized consistent with the Report on Payments to Governments Regulations 2014 (as amended in December 2015) (the Regulations). The Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013). Kosmos Energy has also included supplementary disclosures of payments to governments in addition to those prescribed by the Regulations. Please see the footnotes below for further detail on the payments we made to our host country governments in 2021.

(1) Our summary, project-level and receiving-entity level payments to government disclosures are also available on our website at www.kosmosenergy.com/transparency.

(2) Royalties are paid to the Government of Ghana and the Republic of Equatorial Guinea in barrels of oil out of Kosmos Energy's working interest share of production, including the additional working interest in Ghana acquired during October 2021. Production entitlements are paid to the Republic of Equatorial Guinea in barrels of oil based on their participating interest. The production entitlement amounts presented represent Kosmos Energy's participating share received by the Republic of Equatorial Guinea. The value of the royalties and production entitlements disclosed above are based on the annual average of daily Brent prices of $70.91 during 2021. United States amounts above are determined based on actual sales prices. These figures exclude 8.860 Bscf of associated Jubilee and TEN sold to GNPC during the year.

(3) Inclusive of any tax refunds received


 

Introduction - Supplemental Information

In addition to the above Payments to Governments, Kosmos Energy Ltd. has prepared the following supplemental information for the year ended 31 December 2021.

 

Payments to Governments (USD) - Supplemental Information


 

Equatorial Guinea

 

Ghana

 

Mauritania

Sao Tome & Principe

 

Senegal

 

Suriname

 

United States

Supplementary Disclosures


Production Entitlements (bbls) (1)

572,000

-

-

-

-

-

-

Estimated Production Entitlements ($s) (1)

$   40,561,000

$                      -

$                      -

$                      -

$                      -

$                      -

$                      -

Envt, Capacity Building & Social Projects (3)

$                      -

$                      -

$                      -

$                      -

$                      -

$                      -

$                      -

Training (3)

$             500,000

$                      -

$                      -

$                      -

$                      -

$                      -

$                      -

Taxes (Non-Income) (2)(4)

$             165,000

$          4,307,000

$             378,000

$                83,000

$             401,000

$               60,000

$          1,270,000

 

FOOTNOTES

(1) Production entitlements are paid to the Republic of Equatorial Guinea in barrels of oil based on their participating interest. The production entitlement amounts presented represent Kosmos Energy's participating share received by the Republic of Equatorial Guinea. The value of the royalties and production entitlements disclosed above are based on the annual average of daily Brent prices of $70.91 during 2021. These figures exclude 8.860 Bscf of associated Jubilee and TEN sold to GNPC during the year.

(2) Inclusive of any tax refunds received

(3) Represents payments made directly to government for satisfaction of obligations per the Petroleum Agreements and/or Petroleum Sharing Contracts (PSCs), as applicable. In addition to the numbers above, Kosmos made payments to national oil company employees in accordance with training obligations per the PSCs totaling $24,000 in Sao Tome and Principe.

(4) Primarily withholding taxes on interest payments, employer paid payroll-related taxes and associated employee retention tax credits, and property taxes paid on pipe and tangible goods inventory stored at various onshore locations in the United States. These values are exclusive of withholding or similar taxes remitted on behalf of service providers.


Payments to Governments -

Receiving Entity-Level Disclosures (1)


 

 

Production Entitlements (bbls) (2)

 

Estimated Production Entitlements ($s) (2)

 

 

 

 

Income Taxes (3)

 

 

 

Royalties (bbls) (2)

 

 

Estimated Royalties ($s) (2)

 

 

 

 

Dividends

 

 

 

 

Bonuses

 

License Fees (Surface Rentals, Permitting Fees, etc)

 

 

 

Infrastructure Improvement

 

Environment, Capacity Building & Social Projects (4)

 

 

 

 

Training (4)

 

 

Taxes (Non- Income)

(5)

 

 

 

 

TOTAL

Ministry of Mines and Hydrocarbons

572,000

40,561,000

-

510,000

36,164,000

-

-

500,000

-

-

-

-

$  77,225,000

Tresoreria General Del Estado

-

-

31,125,000

-

-

-

-

-

-

-

-

88,000

$  31,213,000

Instituto Nacional de Seguridad Social de Guinea Ecuatorial

-

-

-

-

-

-

-

-

-

-

-

63,000

$                       63,000

Fondo de Formacion del Ministerio de Minas e

-

-

-

-

-

-

-

-

-

-

500,000

-

$                    500,000

Excmo Ayuntamiento de Malabo

-

-

-

-

-

-

-

-

-

-

-

14,000

$                       14,000

Tresor Public De Guinee Equatoriale Depots

-

-

-

-

-

-

-

919,000

-

-

-

-

$                    919,000

Total Equatorial Guinea

572,000

$ 40,561,000

$  31,125,000

510,000

$  36,164,000

$                        -

$                        -

$  1,419,000

$                        -

$                        -

$  500,000

$  165,000

$  109,934,000

Government of Republic of Ghana

-

-

-

541,000

38,362,000

-

-

-

-

-

-

-

$  38,362,000

Petroleum Commission of Ghana

-

-

-

-

-

-

-

24,000

-

-

-

-

$                       24,000

Registrar General Department








7,000




-

$                          7,000

Social Security & Nat'l Insura

-

-

-

-

-

-

-

-

-

-

-

(13,000)

$                      (13,000)

Ghana Revenue Authority

-

-

106,350,000

-

-

-

-

-

-

-

-

4,262,000

$  110,612,000

Electricity Company of Ghana

-

-

-

-

-

-

-

-

-

-

-

58,000

$                       58,000

Ghana Water Company Ltd.

-

-

-

-

-

-

-

-

-

-

-

-

$                                -

Total Ghana

-

$                        -

$ 106,350,000

541,000

$  38,362,000

$                        -

$                        -

$                31,000

$                        -

$                        -

$                        -

$  4,307,000

$  149,050,000

Caisse Nationale D'Assuramce Maladie

-

-

-

-

-

-

-

-

-

-

-

74,000

$                       74,000

Caisse Nationale De Securite Sociale

-

-

-

-

-

-

-

-

-

-

-

2,000

$                          2,000

Tresorier General

-

-

-

-

-

-

-

-

-

-

-

302,000

$                    302,000

Total Mauritania

-

$                        -

$                          -

-

$                          -

$                        -

$                        -

$                        -

$                        -

$                        -

$                        -

$  378,000

$                    378,000

INSS - Instituto Nacional De Seguranca Social

-

-

-

-

-

-

-

-

-

-

-

25,000

$                       25,000

Tesouro Publico

-

-

-

-

-

-

-

-

-

-

-

58,000

$                       58,000

Total Sao Tome & Principe

-

$                        -

$                          -

-

$                          -

$                        -

$                        -

$                        -

$                        -

$                        -

$                        -

$                83,000

$                       83,000

Chef du Bureau de Recouvrement

-

-

-

-

-

-

-

-

-

-

-

$  391,000

$                    391,000

Senegal Retirement

-

-

-

-

-

-

-

-

-

-

-

$                   9,000

$                          9,000

Senegal Social Security

-

-

-

-

-

-

-

-

-

-

-

$                   1,000

$                          1,000

Total Senegal

-

$                        -

$                          -

-

$                          -

$                        -

$                        -

$                        -

$                        -

$                        -

$                        -

$  401,000

$                    401,000

Ontvanger der Direkte Belastingen

-

-

-

-

-

-

-

-

-

-

-

60,000

$                       60,000

Total Suriname

-

$                        -

$                          -

-

$                          -

$                        -

$                        -

$                        -

$                        -

$                        -

$                        -

$                60,000

$                       60,000

ONRR

-

-

-

1,187,000

73,062,000

-

700,000

2,781,000

-

-

-

-

$  76,543,000

Various

-

-

(61,000)

-

-

-

-

-

-

-

-

1,270,000

$                1,209,000

Total United States of America

-

$                        -

$                (61,000)

1,187,000

$  73,062,000

$                        -

$  700,000

$  2,781,000

$                        -

$                        -

$                        -

$  1,270,000

$  77,752,000

Total

572,000

$ 40,561,000

$ 137,414,000

2,238,000

$ 147,588,000

$                              -

$  700,000

$  4,231,000

$                              -

$                              -

$  500,000

$  6,664,000

$  337,658,000

 

FOOTNOTES

The Payments to Government data are reflective of direct payments made to government entities by Kosmos Energy. These payments are categorized consistent with the Report on Payments to Governments Regulations 2014 (as amended in December 2015) (the Regulations). The Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013). Kosmos Energy has also included supplementary disclosures of payments to governments in addition to those prescribed by the Regulations. Please see the footnotes below for further detail on the payments we made to our host country governments in 2021.

(1) Our summary, project-level and receiving-entity level payments to government disclosures are also available on our website at www.kosmosenergy.com/transparency

(2) Royalties are paid to the Government of Ghana and the Republic of Equatorial Guinea in barrels of oil out of Kosmos Energy's working interest share of production, including the additional working interest in Ghana acquired during October 2021. Production entitlements are paid to the Republic of Equatorial Guinea in barrels of oil based on their participating interest. The production entitlement amounts presented represent Kosmos Energy's participating share received by the Republic of Equatorial Guinea. The value of the royalties and production entitlements disclosed above are based on the annual average of daily Brent prices of $70.91 during 2021. United States amounts above are determined based on actual sales prices. These figures exclude 8.860 Bscf of associated Jubilee and TEN sold to GNPC during the year.

(3) Inclusive of any tax refunds received

(4) Represents payments made directly to government for satisfaction of obligations per the Petroleum Agreements and/or Petroleum Sharing Contracts (PSCs), as applicable. In addition to the numbers above, Kosmos made payments to national oil company employees in accordance with training obligations per the PSCs totaling $24,000 in Sao Tome and Principe.

(5) Primarily withholding taxes on interest payments, employer paid payroll-related taxes and associated employee retention tax credits, and property taxes paid on pipe and tangible goods inventory stored at various onshore locations in the United States. These values are exclusive of withholding or similar taxes remitted on behalf of service providers.


Payments to Governments

Project-Level Disclosures (1)


 

Production Entitlements (bbls) (2)

Estimated Production Entitlements ($s) (2)

 

 

 

Income Taxes (3)

 

 

Royalties (bbls) (2)

 

Estimated Royalties ($s) (2)

 

 

 

Dividends

 

 

 

Bonuses

License Fees (Surface Rentals, Permitting Fees, etc)

 

 

Infrastructure Improvement

Environment, Capacity Building & Social Projects (4)

 

 

 

Training (4)

 

Taxes (Non- Income)

(5)

 

 

 

TOTAL

Ceiba Field

180,000

12,764,000

-

160,000

11,346,000

-

-

-

-

-

-

-

$  24,110,000

Okume Complex Field

392,000

27,797,000

-

350,000

24,818,000

-

-

-

-

-

-

-

$  52,615,000

Equatorial Guinea Block S

-

-

-

-

-

-

-

62,000

-

-

100,000

41,250

$               203,250

Equatorial Guinea Block W

-

-

-

-

-

-

-

113,000

-

-

100,000

41,250

$               254,250

Equatorial Guinea Block 21

-

-

-

-

-

-

-

125,000

-

-

100,000

41,250

$               266,250

Equatorial Guinea Block 24

-

-

-

-

-

-

-

1,119,000

-

-

200,000

41,250

$  1,360,250

Company Level - Kosmos Equatorial Guinea, Inc.

-

-

31,124,000

-

-

-

-

-

-

-

-

-

$  31,124,000

Company Level - Kosmos Energy Equatorial Guinea

-

-

1,000

-

-

-

-

-

-

-

-

-

$                    1,000

Total Equatorial Guinea

572,000

$  40,561,000

$  31,125,000

510,000

$  36,164,000

$                          -

$                          -

$  1,419,000

$                          -

$                          -

$              500,000

$               165,000

$ 109,934,000

Jubilee

-

-

-

418,000

29,640,000

-

-

-

-

-

-

-

$  29,640,000

TEN

-

-

-

123,000

8,722,000

-

-

-

-

-

-

-

$  8,722,000

West Cape Three Points

-

-

-

-

-

-

-

15,500

-

-

-

-

$                  15,500

Deepwater Tano

-

-

-

-

-

-

-

15,500

-

-

-

-

$                  15,500

Company Level

-

-

106,350,000

-

-

-

-

-

-

-

-

4,307,000

$ 110,657,000

Total Ghana

-

$                          -

$ 106,350,000

541,000

$  38,362,000

$                          -

$                          -

$                 31,000

$                          -

$                          -

$                          -

$  4,307,000

$ 149,050,000

Company Level

-

-

-

-

-

-

-

-

-

-

-

378,000

$               378,000

Total Mauritania

-

$                          -

$                          -

-

$                          -

$                          -

$                          -

$                          -

$                          -

$                          -

$                          -

$               378,000

$               378,000

Company Level

-

-

-

-

-

-

-

-

-

-

-

83,000

$                  83,000

Total Sao Tome and Principe

-

$                          -

$                          -

-

$                          -

$                          -

$                          -

$                          -

$                          -

$                          -

$                          -

$                  83,000

$                  83,000

Company Level

-

-

-

-

-

-

-

-

-

-

-

401,000

$               401,000

Total Senegal

-

$                          -

$                          -

-

$                          -

$                          -

$                          -

$                          -

$                          -

$                          -

$                          -

$               401,000

$               401,000

Company Level

-

-

-

-

-

-

-

-

-

-

-

60,000

$                  60,000

Total Suriname

-

-

-

-

-

-

-

-

-

-

-

60,000

$                  60,000

Mississippi Canyon

-

-

-

639,000

41,008,000

-

-

633,000

-

-

-

-

$  41,641,000

De Soto Canyon

-

-

-

-

-

-

-

1,042,000

-

-

-

-

$  1,042,000

Garden Banks

-

-

-

4,000

283,000

-

-

72,000

-

-

-

-

$               355,000

Green Canyon

-

-

-

544,000

31,771,000

-

199,000

174,000

-

-

-

-

$  32,144,000

Keathley Canyon

-

-

-

-

-

-

-

317,000

-

-

-

-

$               317,000

Walker Ridge

-

-

-

-

-

-

501,000

64,000

-

-

-

-

$               565,000

Company Level

-

-

(61,000)

-

-

-

-

479,000

-

-

-

1,270,000

$  1,688,000

Total United States of America

-

$                          -

$                (61,000)

1,187,000

$  73,062,000

$                          -

$              700,000

$  2,781,000

$                          -

$                          -

$                          -

$  1,270,000

$  77,752,000

Total

572,000

$  40,561,000

$ 137,414,000

2,238,000

$ 147,588,000

$                          -

$              700,000

$  4,231,000

$                          -

$                          -

$              500,000

$  6,664,000

$ 337,658,000

 

FOOTNOTES

The Payments to Government data are reflective of direct payments made to government entities by Kosmos Energy. These payments are categorized consistent with the Report on Payments to Governments Regulations 2014 (as amended in December 2015) (the Regulations). The Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013). Kosmos Energy has also included supplementary disclosures of payments to governments in addition to those prescribed by the Regulations. Please see the footnotes below for further detail on the payments we made to our host country governments in 2021.

(1) Our summary, project-level and receiving-entity level payments to government disclosures are also available on our website at www.kosmosenergy.com/transparency.

(2) Royalties are paid to the Government of Ghana and the Republic of Equatorial Guinea in barrels of oil out of Kosmos Energy's working interest share of production, including the additional working interest in Ghana acquired during October 2021. Production entitlements are paid to the Republic of Equatorial Guinea in barrels of oil based on their participating interest. The production entitlement amounts presented represent Kosmos Energy's participating share received by the Republic of Equatorial Guinea. The value of the royalties and production entitlements disclosed above are based on the annual average of daily Brent prices of $70.91 during 2021. United States amounts above are determined based on actual sales prices. These figures exclude 8.860 Bscf of associated Jubilee and TEN sold to GNPC during the year.

(3) Inclusive of any tax refunds received

(4) Represents payments made directly to government for satisfaction of obligations per the Petroleum Agreements and/or Petroleum Sharing Contracts (PSCs), as applicable. In addition to the numbers above, Kosmos made payments to national oil company employees in accordance with training obligations per the PSCs totaling $24,000 in Sao Tome and Principe.

(5) Primarily withholding taxes on interest payments, employer paid payroll-related taxes and associated employee retention tax credits, and property taxes paid on pipe and tangible goods inventory stored at various onshore locations in the United States. These values are exclusive of withholding or similar taxes remitted on behalf of service providers.

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