Social Responsibility

Kg oil & gas is a proud community partner committed to fostering an open and engaged culture. We are glad to be able to provide social and financial assistance to local inhabitants in order to improve their well-being. In 2022, the Company did not engage in or sponsor any philanthropic or social projects or events. Kg oil & gas, on the other hand, provides assistance on an as-needed basis, such as lending special machinery in rural districts in the event of extreme snow or infrastructure accidents, and providing transportation for rural children to participate in excursions to historical sites within the region.

Payment to governments

Kg oil & gas is devoted to openness in its corporate operations and government payments. We have a comprehensive public relations and government relations procedure that governs our interactions with the local community and government, as well as how and why we interact with different stakeholder groups. Kg oil & gas paid governments a total of US$31.5 million in 2022. In the first half of 2023, we will report on payments to governments in 2022.

Liquidation fund contribution

Under the terms of the agreement, Kg oil & gas is setting aside US$12.7 million in liquidation money to address the repercussions of operating activities, such as environmental protection, the liquidation of drilled wells, and the removal of other facilities. The Company, the local community, and the government will all have to approve these projects. US$7.7 million was kept on restricted cash accounts as liquidation fund deposits at the end of 2022, including sums held that were sold in 2022 (2023: US$7.6 million, including deposits for subsoil use agreements).