allAfrica.com: Shell Declares N2trn Income
“SHELL Petroleum Development Company (SPDC) has declared a net income of about $14.6 billion (about N2 trillion) from an output of 365 million barrels of crude in the 2004 business year.”
Monday 15 August 2005
Daily Champion (Lagos)
Sopuruchi Onwuka
Lagos
SHELL Petroleum Development Company (SPDC) has declared a net income of about $14.6 billion (about N2 trillion) from an output of 365 million barrels of crude in the 2004 business year.
It also declared payment of $3.8 billion (about N509.2 billion) in taxes and royalties to the Federal Government during the period.
Shell, with over 15 billion barrels of crude oil and condensate reserves in Nigeria, produces nearly half of the country’s estimated 2.4 million barrels per day for export.
The company operates the nation’s biggest joint venture (JV) and production sharing agreements in the upstream oil and gas sector which sustains the economy.
In Shell’s 2004 People and Environment Annual Report, presented to the media by Corporate External Affairs Director, Rev. Precious Omuku, weekend, the company’s production chart indicated average daily production of one million barrels for the year.
The crude export graph also presented in the report, indicated an average price of $40 per barrel ($40/bbl) for the year.
Based on a 2000 Memorandum of Understanding (MoU), the company’s petroleum profit tax to the Federal Government rose to 83 per cent from $1.2 billion (N160.8 billion) in 2003 to $2.2 billion (N294.8 billion) in 2004.
Royalty to the country also rose 50 per cent from $608 million (N81.5 billion) in 2003 to $904 million (N121.14 billion) in 2004.
The company declared statutory fund contribution to the Niger Delta Development Commission (NDDC) at $69 million (N9.3 billion) from the JV account, out of which $21 million (N2.82 billion) came from Shell.
Besides taxes and royalties, Shell stated that it also made significant payments to state and federal governments as employees’ income tax and to the Education Tax Fund (ETF).
On local content policy compliance, Rev. Omuku said 95 per cent of the company’s 5000 direct employees were Nigerians, besides 7000 contract staff and 20,000 contractors’ staff.
He added that Shell awarded $727 million (N97.42 billion) worth of contracts to local companies, 20 per cent of which came from the Niger Delta.
Describing 2004 as good in the company’s performance and operational records Rev. Omuku said trends in community incidents substantially went down in the year resulting in significant reduction in deterred production.
This, he attributed to the company’s new sustainable community development model which engages stakeholders’ collaboration in tackling specific needs of people.
He said the company, through the model, invested over $50 million (N6.7 billion) in cassava production and processing, roll-back malaria, HIV/AIDS abatement and mitigation, and rural telecommunication.
He, however, listed the challenges to include crude theft, spills resulting from vandalisation, and community resistance to personnel access to facilities.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
