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(Bloomberg) — Shell Plc paid $5.34 billion in taxes and other charges to Nigeria in 2024, more than any other country.
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The company’s payments to Nigeria increased from the previous year and came as the oil and gas giant is on the verge of leaving Nigeria’s onshore production business after many decades of controversial operations. Shell, which released the figures on Thursday in a disclosure required under UK law, will continue to produce oil in the waters off the west Africa nation.
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Exiting onshore production in the Niger Delta — among Shell’s most emissions-intensive operations where the company is accused of causing widespread environmental pollution — is part of its effort to simplify its portfolio and “become a net-zero energy business by 2050,” the company has said.
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See More in Businessweek: Who Will Pay to Clean Up Shell’s Mess in Nigeria?
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Oman, Brazil and Norway, where Shell has significant operating footprints, were next on the payments list after Nigeria and together received approximately $11.7 billion. The report published on Thursday covers charges related to extractive activities.
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In the UK, the government refunded Shell about $32 million for decommissioning the Brent field and other North Sea production assets, down from a $43 million refund for those assets in 2023. Since this report only includes extractive activities charges, this does not represent Shell’s total tax bill to the UK. The last disclosed payment from Shell to the UK government was about $6 billion in 2023, which was published at the end of 2024.
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Overall, Shell paid governments around the world about $28.1 billion in taxes and charges related to its extractive activities in 2024, down nearly 5% from 2023. Shell’s full year adjusted earnings in 2024 were $23.7 billion, a roughly 17% decline from 2023.
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