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SNEPCo Remits Over $900 million in Tax, Royalties  to Nigeria in 2022

By Moses Patience Chat

Shell Nigeria Exploration and Production Company (SNEPCo) has said that it paid a total of $907 million as taxes and royalties to the Nigerian government in 2022 as part of its contribution to the national purse for financial development. 

The Company and its partners also remitted more than $20.73 million to the Niger Delta Development Commission (NDDC) in compliance with statutory requirements in the same year.

Mrs. Elohor Aiboni, the Managing Director (MD) of SNEPCo was quoted in a statement on Wednesday as saying that the Company has been  helping to boost national revenue since 2005.

She explained that the Company pays more than just taxes and royalties, and that 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.

This, she said, has resulted in the construction of medical and educational institutions in addition to other aspects of social investments in different states of the federation.

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 one billion barrels of oil, marking a key milestone in the operations of one of its fields, which is located 120km off the shore of Nigeria.

“We are grateful for the support of Nigerian National Petroleum Company (NNPC) Limited and our co-venture partners consisting of Nigerian Agip Oil Company (NAOC) Limited, Total Energies Nigeria and Esso Exploration and Production Nigeria (EE&P) Limited. 

“SNEPCo will continue to operate safely and deliver real benefits to all stakeholders, including the people and government of Nigeria,” the Shell MD said.

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