SNEPCo Paid More than $900 Million in Taxes, Royalties in 2022

Shell Nigeria Exploration and Production Company (SNEPCo) paid a total of $907 million as taxes and royalties to the Nigerian government last year as its operations continued to contribute to the national purse to finance development. Also last year, the company and its partners remitted more than $20.73 million to the Niger Delta Development Commission (NDDC) in compliance with statutory requirements.

“SNEPCo has helped to boost national revenue since 2005, when we pioneered production from deep-water in Nigeria after successfully drilling the first exploration well in more than 1,000 metres of waters five years earlier,” said Managing Director Elohor Aiboni, while reviewing the company’s operations.

“But we pay more than taxes and royalties. The success story at Bonga has helped to create a generation of Nigerian deep-water professionals, encouraged indigenous contractors and service providers to acquire skills and competence to support operations offshore and resulted in the construction of medical and educational institutions in addition to other aspects of social investments in different states of the federation,” Aiboni added.

SNEPCo was incorporated in 1993 to explore and deliver hydrocarbons in Nigeria’s deep-water frontier where no concerted exploration effort had previously taken place. The company has continued to deliver on this mandate through Bonga and other deep-water blocs.  In February this year, Bonga produced the one billionth barrel of oil, marking a key milestone in the operations of a field located 120km off the shore of Nigeria.

Mrs. Aiboni added, “we are grateful for the support of Nigerian National Petroleum Company (NNPC) Limited and our Co-venture partners consisting of Nigerian Agip Oil Company Limited, Total Energies Nigeria and Esso Exploration and Production Nigeria (Deepwater) Limited. SNEPCo will continue to operate safely and deliver real benefits to all stakeholders, including the people and government of Nigeria.”