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Thursday, June 17, 2021
Home Upstream Exploration & Production Shell pays $3.243b to Nigeria’s govt in 2020

Shell pays $3.243b to Nigeria’s govt in 2020

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Shell, a global leading oil and gas producer on Wednesday published its 2020 Sustainability Report, its Industry Association Climate Review and its annual Payments to Governments Report with a confirmation that it paid a total $3,243,223,518 to government for its operations in Nigeria in 2020.

The payment in Nigeria was the 24.72% of the total of $13,118,706,948 paid for all operations globally and the highest single payment to any country in 2020, followed by $2,273,148,167 to Malaysia, $1,799,551,670 to Norway and $1,556,839,485 to Brazil.

According to the report, the breakdown of payment to Nigeria showed that $2,277,898,173 was paid as production entitlement      to the Nigerian National Petroleum Corporation (NNPC), $440,398,429      as taxes to Federal Inland Revenue Service (FIRS) and $446,926,575 as royalties to Department Of Petroleum Resources (DPR).

Shell also paid $78,000,342    as fees with Niger Delta Development Commission $73,419,624 and DPR collecting $4,580,718

Shell did not make any payment as bonuses and for infrastructure improvements in Nigeria during the year.

According to a statement on the reports, it further demonstrate Shell’s efforts to remain at the forefront of the drive for greater corporate transparency around activities that are important to investors, governments and civil society.

The 24th edition of the Shell Sustainability Report outlines Shell’s strategy to become a net-zero emissions energy business by 2050, in step with society. The report describes Shell’s social, safety and environmental performance in 2020.

In his introduction to the report, Shell Chief Executive Officer Ben van Beurden writes: “In 2020, the COVID-19 pandemic changed the world and people’s lives in ways we could never have imagined. It was a tough year for everyone. It was a tough year for Shell, but also a year when we set a clear path for our future.

“We refreshed our business strategy and, when we announced it in February 2021, we called it Powering Progress. Powering Progress sets out our goals for powering lives and livelihoods, and respecting nature by protecting the environment. It lays out how we believe Shell can and must play a role as the world accelerates towards a future of zero- and lower-carbon energy.”

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