contractors were evaluated for possible negative social impacts, none were found to have significant actual negative consequences. In FY2024, LPA was not an operator of any fields, but was a licence partner in the Brage and Yme Fields. Nonetheless, LPA diligently fulfils its responsibilities in all operational activities, focusing on the evaluation, assessment, and prevention of negative environmental impacts and human rights violations. Furthermore, LPA complies with the Norwegian Transparency Act, which became effective in 2023, and LPA’s Transparency Act Due Diligence report is available on its website. Forced Labour and Modern Slavery GRI 409-1 The Group is committed to compliance with employment laws in the jurisdictions in which we operate and upholding the human rights of our workforce. When considering new investments or when tendering goods and services, we review any associated human rights issues and consider how we can ensure that our operations do not conflict with any of these fundamental human rights principles. There have been no reported incidents during the reporting period which pose a significant risk of human trafficking or forced labour. Tax Compliance GRI 207-1, 207-2, 207-3 The Group is committed to full compliance with all applicable tax laws and regulations in every jurisdiction where we operate, thereby supporting local governments and authorities in achieving their economic, environmental, and social development goals. We maintain a strict zero-tolerance policy for any intentional violations of tax laws. To ensure our staff remains informed about significant changes in tax policies, relevant employees participate in ongoing tax-related training. Additionally, we collaborate with qualified professional tax advisors across all jurisdictions to guarantee compliance at the transactional level and to fulfil all necessary tax filing requirements. The AC may also engage our internal auditor periodically to assess adherence to the tax governance and control framework. Any instances of non-compliance will be promptly reported to the AC and addressed swiftly. Financial Assistance Received from the Government GRI 201-4 Capital-intensive industries, such as oil exploration, necessitate that the Group invests in assets located in jurisdictions that provide appealing tax incentives. Financial assistance or incentives from governments in these regions significantly influence the Group’s investment decisions, as they directly impact the longterm return on investment. In 2022, the Norwegian tax system has been restructured to a cash-flow tax, among which is the removal of the specific tax incentive for exploration activities from 2022. LPA received tax rebate of US$54.83 million from the Norway tax authorities for FY2023 as a result of the removal of this incentive. LPA will receive US$0.55 million for offshore tax losses incurred in FY2024 (to be received in November 2025). For more information on the changes in tax assistance received from the government, please refer to our financial statements in our Annual Report. In Oman, an audit of recoverable costs and proposed budgets are regularly presented to the Omani Ministry of Energy and Minerals for approval. Annual Report 2024 1 0 0
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