Financial Energy Review
Shell Companies in Nigeria (SCiN) announced a review of its Nigerian onshore oil investments which would focus on two ambitious and strategic areas.
The areas include deep-water exploration and production in the Gulf of Guinea, where the renewal of the OML 118 licence for 20 years has opened up further opportunities; and expansion of the gas supply and distribution network within Nigeria and to international markets.
The multinational oil company said these ambitions align with its Powering Progress strategy and support Nigeria’s vision to provide reliable, affordable power to its people.
“In 2021, Nigeria continued to receive the largest concentration of social investment in Shell. Our health-care and education programmes helped thousands more people over the last year. We continue to work to bring energy to off-grid communities through All On, our not-for-profit impact investment company.” according to the company’s Nigeria Briefing Notes
Apart from paying $986 million in 2021 royalties and corporate taxes to the Nigerian government, Shell Companies in Nigeria (SCiN) contributed $33.82 million in direct social investment devoted to projects related to community, health, education, road safety and enterprise programmes. These projects are often implemented in partnership with local authorities.
The multinational company promised to continually clean up oil spills, despite the challenges arising from the illegal actions of third parties, such as sabotage and crude oil theft.
The clean-up and remediation in the Ogoniland community of Bodo has made solid progress, with around 60% of the area remediated and 300,000 mangrove seedlings planted.
