Norway
451 Employees
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Third-party revenues
$828,777,636
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Related-party revenues
$2,791,710,237
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Total revenues
$3,620,487,872
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Profit before tax
$1,134,399,416
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Tax paid
$605,435,834
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Tax accrued
$933,142,696
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Tangible assets
$974,365,935
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Stated capital
$95,282,713
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Accumulated earnings
$1,044,120,578
Main business activities
- Upstream
- Integrated Gas
Shell’s footprint
Shell has been present in Norway since 1912. The main activity of A/S Norske Shell is the exploration and production of oil and gas on the Norwegian continental shelf. The company is a partner in 20 production licences and operates nine of them. There are two Shell-operated fields which are producing: Ormen Lange (Shell interest 17.8%) and Knarr (Shell interest 45%). A/S Norske Shell plans to increase production from the Ormen Lange field through installing subsea compression. Production at Knarr will cease in 2022 and decommissioning will begin. The company also has an interest in the producing field Troll (Shell interest 8.1%), which is operated by Equinor. A/S Norske Shell is a partner in the Northern Lights carbon capture and storage (CCS) project. In 2021, Shell sold Gasnor AS.
Country financial analysis
The statutory corporate income tax rate in Norway is 22%. There is an additional tax of 56% (2021) on the production and transportation of petroleum from the Norwegian continental shelf. Taxes are paid in instalments, with half due within the year in which income arises and the other half and final assessment in the year thereafter. The tax paid figure includes payments for 2020 and 2021. Our Payments to Governments Report for 2021 shows that Shell paid around $4 billion in production entitlements and fees.