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LONDON - Cadogan Energy Solutions plc, an independent energy company, has released its consolidated report on payments made to governments for the year ended December 31, 2024. The disclosure, in line with financial regulations, details the payments related to exploration, development, and extraction activities in the oil and gas sector.
The report adheres to the UK Financial Conduct Authority’s Disclosure and Transparency Rules (DTR 4.3A) and the Reports on Payments to Governments Regulations 2014, along with its subsequent amendment in 2015. It specifies payments to the Group’s subsidiaries engaged in extractive activities and defines the term ’government’ to include any controlled department, agency, or entity.
Payments are reported in U.S. dollars, using the exchange rate at the time of payment. The report clarifies that no in-kind payments were made to any government during the year.
The disclosed payments include production taxes tied to revenue or production under oil production license agreements and profit taxes in line with Ukrainian corporate income tax regulations. However, the report excludes consumption-based taxes such as value added taxes, personal income taxes, sales taxes, and property and environmental taxes.
According to the report, the total payments made to the Ukrainian government amounted to $3,234,000 for the year 2024. This sum comprises $2,790,000 in production taxes and $444,000 in profit taxes, all of which were attributed to the Blazhivske license area in Ukraine.
Cadogan Energy Solutions operates an exploration and production license in Western Ukraine, engages in gas trading operations, and provides services to exploration and production companies. The company aims to be a diversified energy group offering solutions and services with a reduced environmental impact.
The information presented in this article is based on a press release statement from Cadogan Energy Solutions plc.
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