Profit before tax
Main Business Activities
- Upstream and Integrated Gas
- Support activities
Shell has been present in Venezuela for 108 years and used to have upstream and downstream activities. In 2018, Shell divested its interest in the Petroregional del Lago non-operated venture and in 2019 sold its lubricants business. Shell has an interest in several gas projects in the north-east of the country and the Dragon offshore field.
However, following the progressive strengthening of sanctions in 2019 and 2020, Shell has paused its business activities until the international legal frameworks and conditions allow them to be resumed.
Country Financial Analysis
The statutory corporate income tax rate on our activities in Venezuela is between 15% and 34%.
Shell companies in Venezuela have operated as support corporate offices with no fiscal income over recent years. Tax paid in 2020 relates to withholding taxes on support services.