PREMIER OIL E&P UK LIMITED
Company number: 02761032
Reporting period:
1 July 2019 to 31 December 2019
Report filed on:
23 January 2020
Approved by:
Richard Rose
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 80%
- in 31 to 60 days: 20%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 23%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
30 days
Standard payment terms
Standard payment terms are 30 days from receipt of correct and fully supported Supplier invoice, in electronic format. Joint Venture invoices are paid on earlier contracted due dates – usually 10 working days, which is 14 days elapsed, this accounts for less than 1% of all our invoices paid.. Direct debit Supplier payments normally debit our bank account earlier than 30 days from invoice receipt. Supplier credit notes are paid/taken earlier, as soon as they can be offset against payments.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
We process up to four BACS payments each month meaning some invoices are captured for payment just outside 30 days. We generally make ~95% of payments within 45 days.
Dispute resolution process
Contact is preferably via email. Suppliers are directed to a shared mailbox with invoice queries. The AP team attend to correspondence relating to overdue or disputed invoices promptly. Technical queries are often handled directly by non- Finance personnel. Non-compliant invoices are not entered in our P2P system but are returned to Suppliers with reasons stated on a cover letter. These invoices must be resubmitted correctly and payment terms begin from resubmission date.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: OGUK Supply Chain Code of Conduct
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No