2020 Payments Report
Independent administrator reconciles money paid by oil, gas, mining & quarrying companies to the UK Government for the seventh year running.
Oil, gas, mining and quarrying companies pay millions of pounds in tax and licensing payments to the UK Government each year. To improve public understanding and assurance that these payments are aligned, UK EITI worked with 55 extractives companies operating across the UK and the UK Continental Shelf to collect data on their payments to and repayments from the UK Government in 2020 .
The newest UK EITI Payments Report – delivered in record time - details the payments made in 2020 by 39 oil and gas companies and 16 mining and quarrying companies operating in the UK as well as repayments by the government for the seventh year running.
UK Government departments and agencies disclosed the monies they received from oil, gas, mining, and quarrying companies and the repayments Government made to those companies.
All company and government figures were then reconciled by an independent administrator.
- Sector transparency and governance remain strong
- All UK Government departments and agencies reported the monies they received from and repaid to these extractive companies.
- Almost 96% of extractive revenues and repayments were included in the reconciliation scope.
- Of the £255 million that companies paid to the government and the government reported receiving (net of repayments), only £4,982 or just 0.002% was unreconciled .
- All 55 companies also submitted a beneficial ownership declaration relating to the people who ultimately own and/or control each company .
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- Repayments cover decommissioning of extractives operations and/or adjustments to previously paid taxes to account for deductible company losses.
- The UK EITI website contains information on the oil and gas and mining and quarrying tax and licensing regimes.
- 2020 revenues saw a significant drop due to the Covid pandemic, with reduced demand, lower production and prices falling substantially.