Nigeria
2,652 Employees
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Third-party revenues
$1,712,275,835
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Related-party revenues
$2,184,603,636
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Total revenues
$3,896,879,471
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Profit before tax
$1,437,120,707
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Tax paid
$488,979,948
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Tax accrued
$726,148,679
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Tangible assets
$6,421,166,408
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Stated capital
$1,551,721,790
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Accumulated earnings
$2,341,273,158
Main business activities
- Upstream
- Integrated Gas
- Supporting activities
Shell’s footprint
Shell has been present in Nigeria for more than 60 years. Our activities include oil and gas exploration and production. Three businesses are wholly owned by Shell: The Shell Petroleum Development Company of Nigeria Limited (SPDC), which has a 30% participating interest in the SPDC joint venture (SPDC JV) and produces oil and gas in the Niger Delta and shallow offshore waters; Shell Nigeria Exploration and Production Company Limited (SNEPCo), which operates in the deep waters of the Gulf of Guinea; and Shell Nigeria Gas Limited (SNG), which provides gas to Nigerian industrial and commercial customers.
In addition, Shell Gas B.V. holds a 25.6% shareholding in Nigeria LNG Limited (NLNG), which produces and exports liquefied natural gas to Europe and other markets. All On Partnerships for Energy Access Limited (ALL ON) is wholly owned by SPDC and SNEPCo and was set up in 2016 as a company limited by guarantee for the purpose of closing the access to energy gap in Nigeria with a special focus on the Niger Delta area. In collaboration with its partners, ALL ON is increasing access to commercial energy products and services for off-grid communities in under-served and unserved areas of Nigeria.
Country financial analysis
The statutory corporate income tax rate in Nigeria is 30%. The tax rate is 85% for onshore oil and gas operations and 50% for offshore operations. Shell has several oil and gas projects still in the exploration, development or construction phases. A recovery in global prices led to an improvement in 2021 figures compared with 2020. This is despite the negative impact on production caused by crude oil theft and OPEC quota reductions imposed in response to the global economic slowdown. Our Payments to Governments Report for 2021 shows that Shell paid around $4 billion in production entitlements, royalties and fees.
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