|
Shell pays N241bn taxes in 2003
Ayo Olesin
Rising crude prices and production levels enabled oil major Shell Petroleum Development company Limited to pay $1.2 billion in Petroleum Profit Tax and a further $608 million in royalties for the 2003 operating year, representing significant improvements in the company�s performance over the previous year. The PPT paid according to Shell was three times the 2002 figure.
The SDPC, operator of the NNPC/Shell/Elf/Agip Joint Venture, also contributed $54 million to the Niger delta Development commission during the period, while Shell Nigeria ultra-deep company paid $210million signature bonus for its offshore.
Crude production from its wells hovered in the range of 910,000 barrels per day, though production capacity was in excess of one million barrels per day. Shell said that Organisation of Petroleum Exporting Countries� quota restrictions and community problems including shut down of several flow stations accounted for the shortfall.
Gas production was high � at about 1.171 standard cubic feet per day.
Shell�s External Relations Director, Rev Precious Omuku, who announced the figures at the presentations of the 2003 annual report on Friday in Lagos, said that the oil major was pleased with the Federal Government�s decision to join the Extractive Industries Transparency Initiative , which encourage oil companies to make full disclosure of payments to host countries.
He said Shell would always publish what it paid to government coffers, insisting, however, that the company would no longer pay illegal payments to community militants including the �homage� and �standby� payments usually demanded by some communities to allow exploration and production activities in their domains.
He said that the stakeholders of the industry must continue to find ways of restoring peace in the Niger Delta pointing out that disruptions of oil and gas activities would only hurt the economy as government received less income.
Omuku, who did not agree that oil firms would be literarily pushed offshore, expressed concern that community violence was inimical to further investments by other industrial sectors and would slow down real development in those areas.
�Development and business activities will not happen if violence continues, but the issues are being addressed by stakeholders�, he maintained.
He said that Shell had tried to analyse the problem and was working with communities in conjunction with government, non-governmental organisation, community-based organisations and multilaterals to increase economic activities in the host communities.
The Punch, Monday July 05, 2004
|
|
| |
Copyright 2003 - 2004
Punch (Nigeria) Limited. All Rights Reserved
Powered by dnetsystems.net
dnet�
|
|
|
|
|
|
|
STOCK MARKET
|
|
As at Fri, July 02, 2004
|
|
8,265
8,250
8,235
|
| Nestle |
 |
N177.50 |
+750k |
|
| Guinness |
|
N165.00 |
+600k |
|
| NBC |
|
N70.00 |
+100k |
|
| Total |
 |
N200.00 |
-1000k |
|
| Mobil |
|
N176.65 |
-929k |
|
| Texaco |
|
N173.85 |
-915k |
|
Volume: 46.480 million
Value: N801 billion
Deals: 3,195
Index: 28,049.17
Mkt Cap: N2.01 trillion |
|
|
| |
|
AUTO WORLD
|
|
|
| |
|
| |
|
|
| |
|
|
|
|
|
