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LONDON - BP (NYSE:BP) p.l.c. paid $24.8 billion to governments across 15 countries in 2024 related to its extractive activities, according to the company’s annual Report on Payments to Governments released Thursday.
The largest payments went to Azerbaijan ($11.5 billion), the United Arab Emirates ($5.0 billion), and Oman ($3.1 billion). Production entitlements accounted for the largest portion at $13.6 billion, followed by taxes at $8.9 billion.
Azerbaijan received the highest payment amount, with $10.6 billion in production entitlements and $488 million in taxes. Payments to the UAE consisted primarily of $5.0 billion in taxes related to the ADCO Concession.
The report, required under UK regulations for extractive industries, details payments by country and project type. It includes taxes, royalties, fees, production entitlements, bonuses, and infrastructure improvements.
The United States received $1.4 billion, mostly in royalties ($1.3 billion) to various federal and state authorities. The UK government received $1.1 billion, primarily in taxes.
Other significant recipients included Australia ($367.4 million), Egypt ($1.0 billion), and Indonesia ($951.1 million).
The company made several payments in kind, particularly in Azerbaijan where it delivered 89.1 million barrels of crude oil valued at $7.1 billion and 2.5 billion cubic meters of natural gas as part of its production sharing agreements.
BP’s report covers only payments related to extractive activities as defined by regulations, excluding those connected to transportation, trading, refining, and renewable energy projects.
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