Profit before tax
Main Business Activities
Shell has been present in Brunei for more than 90 years and our activities are mainly carried out by non-Shell-operated joint venture companies. The figures above are for Shell’s wholly-owned entities in Brunei that are active in exploration and production.
Country Financial Analysis
The statutory petroleum income tax rate in Brunei is 55%. Production-sharing contracts (PSCs) are assessed individually by legal entity or asset. This means that losses in one PSC may not be offset against profits arising elsewhere. The tax paid and accrued in 2020 is in relation to one of the operating companies which is in a profitable position. Another operating company made losses from exploration activities, resulting in an overall loss position.