Shell Petroleum Contribution to FG’s Revenue Hits $43billion

The Managing Director and Country Chairman, Shell Companies in Nigeria, Mr. Osagie Okunbo, has revealed that Shell Petroleum Development Company Limited, SPDC, Joint Venture contributed $43 billion to the national treasury in five years.

Okunbo, who spoke in Lagos while presenting the oil giant’s score card between 2010 and 2015, hailed the oil firm for generating such huge revenue to the country, despite the unfriendly economic environment.

He noted that Shell operated ventures in Nigeria produced an average of 688,000 barrels of oil equivalent per day (boe/d), with 496,000 boe/d from SPDC JV, and 192,000 barrels of oil per day (bopd) from Shell Nigeria Exploration and Production Company (SNEPCo).

He said: “Shell Nigerian Gas Limited (SNG) supplies natural gas to 87 industrial customers and SPDC JV is the major supplier of gas to Nigeria Liquefied Natural Gas (NLNG), while the SPDC JV Afam VI power plant, which has a 650 megawatts (mw) generating capability, supplied approximately 14 per cent of the nation’s grid-connected electricity in 2015 and has delivered 20 million megawatt-hour (Mwh)of electricity into the Nigerian grid between its inauguration in 2008 and June 2015.

On the insecurity in the Niger Delta, Okunbo said it was disturbing to see one’s 48-inch diameter pipeline damaged.

According to him, vandalism of pipeline has multiple negative effects, noting that currently much of the gas in the western axis couldn’t be accessed, a reason power supply dropped substantially because of poor gas supply to thermal power plants.

#BizWatchNigeria

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